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40Billion.com Gives Micro Loans, Hires New Executives

Written by Ken Gaebler
Published: 8/16/2010

Website announces $25 million in mircoloans to small businesses.

One small business funding website recently made news for small business with the introduction of new funding and leadership.

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40billion.com, a social funding network specializing in small business, said that it had passed $25 million in funding requests in the form of micro loans microloans. In addition to the microloan news, the company also announced that it would be naming two business lawyers to prominent positions.

Taking over as the new chief operating officer will be Daniel Pugh, former general counsel of Synthetic Genomic, a biotechnology company. Upon receiving the news, Pugh said that he was "extremely pleased to be part of this venture."

In addition to Pugh, Brent Wadman will become the company's vice president and general counsel. While he recognized the difficulty many small business owners were having, Wadman said that he was a "strong believer in the services that [the website] provides."

According to the company's website, the microlender hopes to address the $40-billion gap in startup and small business lending through people's networks of friends and family.

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