StreetShares wins Harvard Business School award

StreetShares, a social lending website that allows investors to "bid" on loans to small businesses, has been awarded the Best Investment award in the global finals of the Harvard Business School New Venture Alumni Competition. StreetShares is owned by veteran and Legion Small Business Task Force member Mark L. Rockefeller.

The award came with a $25,000 prize. Recipients were selected by a global panel of judges and Harvard Business School alumni.

Described as a combination of eBay and the television show, Shark Tank, StreetShares allows small business owners to pitch their business plans online to a marketplace of investors, who compete to fund a portion of a loan to the small business through an auction-style lending platform. The investors offering the lowest interest rates for the loan "win" the auction, and their bids are consolidated into a single loan for the small business.

A veteran-owned business, StreetShares often offers special promotions for veteran and military spouse entrepreneurs. The company is currently offering a Commander's Call Veteran Business Award that will award $5,000 to a veteran- or military spouse-owned small business that best demonstrates market need, product or service competitiveness, and potential mass appeal.

Business owners interested in participating in StreetShares only need to fill out a short application and then prepare a pitch for their business plans to present to investors for bidding. StreetShares' pool of investors includes retail and institutional investors, many of whom are also veterans. Additionally, StreetShares backs a portion of every loan it facilitates.