Travis Holoway figured out the best way to solve his own problem of people wanting to borrow small amounts of money through SoLo Funds. It’s a peer-to-peer lending exchange platform which allows people to obtain loans that are less than a $1,000. The main problem here is traditional banks don’t lend small amounts and payday lenders have high interest rates. “This is not a black and brown issue this is a national epidemic,” Holoway said. People going through a short financial struggle get to set their own terms as borrowers and then the lenders seamlessly loan them the money. SoLo which stands for Social Loans has a unique way of looking at credit worthiness through an individual’s social capital. Loosely defined social capital is the value social networks have on bringing people together.. Holoway is aware social capital hasn’t been widely accepted in the U.S. yet, but says “People are a lot more empathetic than society would like us to believe.” The next goal is to graduate people to more traditional financial resources once they’re ready.
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