The notion of Marketplace Lending can be traced back to the roots of civilization itself. There is evidence that 3,000 years ago in Mesopotamia there existed a form of credit system and loan contracts that included the concept of interest. Interestingly enough, the concept of borrowing and lending to fund businesses exists across many different ancient civilizations.
Throughout the history of lending, loans varied in forms and sizes. Sometimes loans were made of grains or crops to be paid back from the grains of the next harvest. Often times these loans were backed by simply a good handshake and a verbal promise. With the proliferation of manufacturing due to the “industrial revolution”, credit took on a new meaning.
Thanks to the Internet, businesses now have greater ability to seek and obtain working capital. Through innovative solutions, including marketplace lending, small businesses seeking capital can connect with potential lenders anywhere in the world.
The Credit Junction is transforming how small businesses can access working capital in a more transparent and more efficient way. By leveraging technology and data-mapping, we are bringing solutions to the age old concepts of lending. Come see how…