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  • High Tech Events In Texas from TexasTechPulse
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    Social Lending: A Pannel Discussion
    Date: December 05, 2007
    Location:Palo Alto
    "Social Lending: A Pannel Discussion" MIT Club of Northern California. Before banks even existed, getting a loan meant going through the
    original social network: friends and family. Access to sufficient
    capital was a big problem. If friends and family are poor, then
    starting a business was difficult. With Web 2.0, a person's social
    network has a much larger and global reach: A third-world
    entrepreneur can get the capital to start a business, or, a recent
    college graduate can refinance their credit card debt to a much lower
    interest rate than what the bank offers. VCs have taken note of this
    trend: Prosper has already received $40M of investment, Lending
    Club, which got its start as a Facebook application, had a $10M round
    of funding this year, and CircleLending was just recently acquired by
    Virgin. Compared to the overall lending market, these amounts are
    quite small, but they may also be the first drops in a torrent to come. See http://www.mitcnc.org/Events_Single.asp?eventID=1365
    More information: http://www.mitcnc.org/Events_Single.asp?eventID=1365
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