meir niv
Los Angeles, CA (USA)
Role(s):
Founder/Owner/Principal
Funding Contacts
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Startup
Location:
Los Angeles
Industry:
Internet
Year Founded:
2009
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
Executive Summary
Over the past 15 years the internet has become the mainstay vehicle for many types of business transactions, be they by commercial establishments or by individuals. Among its many other capabilities, the internet provides an excellent mechanism for connecting between parties attempting to conduct business with each other. In essence, the internet has become a marketplace where goods and services could be bought, sold, or even bartered for other goods and services.
The universality of application of the internet as the vehicle for these type transactions has grown to cover many different areas, diverse in purpose and utility. Their common denominator, however, is the tremendous ability to connect parties, be they peers seeking to share information, or producers and consumers seeking to exchange goods and services for compensation.
One such marketplace that has to date not obtained prominence is the connection between investors or lenders and those who seek investments or loans. Although there are a handful of internet sites that offer the capability to connect between those who have financial resources and those who seek them, those sites have not taken full advantage of the potential of the internet, and have therefore not provided a complete service offering to prospective users of their sites.
This venture, Funding Contacts LLC, intends to provide a comprehensive “service offering” providing a platform for lenders and investors – those who have the financial resources, and individuals or businesses who seek to utilize these resources, whether as loans or investments to come connect and come together for their mutual benefit. Following strict rules of business conduct, Funding Contacts will enable members of these two groups to post their offerings on its site, provide critical information to the parties, facilitate the discussions and negotiations, provide a safety deposit box for the storage of the transaction documents, and provide assistance as requested by the parties, without taking any leadership role or becoming an intermediary in the transaction itself.
The main desire of this venture is to ensure that the relationship will be direct between the parties. Unlike lending institutions which have strict underwriting rules and criteria, Funding Contacts will neither control nor be a party to the transaction. Its sole responsibility then will be to facilitate the connection and interaction between the parties throughout the process.
Funding Contacts is fully aware of the issues surrounding internet lending or investing, and that the rate of default of internet based lending/investing is higher than those conducted in the traditional ways. Although Funding Contacts will not be involved in the determination of who is credit worthy and who is a credit risk, nor set any restrictions on providers of funds or consumers of those funds Funding Contacts has implemented extensive and robust mechanisms to help mitigate the risks to both investors/lenders and entrepreneurs/borrowers.