Money

New Company Gives Out Small Business Loans in Exchange for Fine Art

paul aitken New Company Gives Out Small Business Loans in Exchange for Fine Art

Paul Aitken, CEO of Borro. (Courtesy Borro.com)

A new company called Borro is giving out small business loans in exchange for collateral like private jets, jewelry and fine art. The loans are short-term and range from $1,000 to $1 million.

Paul Aitken, the company’s founder, told CNN Money:

“I felt there was an opportunity to provide a business that bridges the gap between the very high end types of lending that private banks do and the very high end of retail pawnbroking.”

So: if you have an extra Picasso lying around and you feel like starting a business, well, go right ahead. Read more about it here.

Tags: Money