RISING TIDE, CITI HELP CONNECT MICROLENDERS WITH STARTUPS
By Katie Eder/NJBIZ
January 21, 2013
While a previous endeavor by Jersey City-based Rising Tide Capital and Citi Community Development gave market-ready entrepreneurs in New Jersey an online platform to promote their businesses, the two organizations are building a new Web exchange that will connect microlenders with startups in need of capital to get their products and services to the marketplace.
According to Rising Tide CEO Alfa Demmellash, the new platform will alleviate the daunting process of finding the “right match” between an entrepreneur and a microlender, which is causing potential first-time borrowers to throw in the towel on their hunt for financing.