For those of you that don’t know. We are at the final stages of our involvement in the finance industry. Before we go, we’d like to donate the name Social.co.uk to a someone or a group who promise to use it as a non-profit making social lender.
Over the last 6 months, we have been in talks with a group from over the pond who would like to buy our brands. We have decided to sell and move onto other projects that we have outside finance. We are in the later stages of this process.
One of the things we want to do before we go is to give away a brand/domain name that would fit projects that some could use to help the community.
We are giving away the brand/domain name Social.co.uk to some or a group that promises to keep the website as a non-profit short-term lender. This is a valuable name that we paid a lot of money for and one that we have a lot of offers to sell.
Why are we doing this?
Some might think we are generous and giving back to the community. That is 100% not the case here. We are upfront and honest about this. We are doing this because it is our way of sticking two fingers back up to the groups out there that think it is easy to run a lending site at any rates of interest, we think impossible at the rates they want loans to be lent at.
For the last 15 years, all that we have heard from people like Stella Creasy, Martin Lewis and countless others in the media say how they would do things if they had their chance. Then make their excuses about why they can’t. They often say that they don’t have a brand to compete with the likes of those with big budgets. Well, here it is, a brand that is ready to go. Stop criticising and show us how it is possible. For once in your lives, build something instead of trying to tear things down.
We won't be involved in any aspect of this. Take the brand, keep it, so long as you promise to keep it as a not for profit short term lender. That’s loans of less than a year and below £1000. That is our only condition. We are not interested in selling this name for other purposes so please don't get in touch if that is your aim.
We would genuinely like to see the site still active after a year, still lending and proving us wrong. Our money is on the fact that they would be out of business by then, the industry is tougher than people think. We think that social enterpise management costs will be crippling and rates won't be far off that of other short term lenders by the end of the year.
But we won't snigger, smile, or even say we told them so if that happens. We will just welcome them to the club and say at least they tried and at least now they see things from the other side. We will laugh at their new grey hair though.
Is this a challenge for you or your group? Get in touch!
We aren't giving this away to just anyone. They must have a track record of commenting and passion for social finance issues. They need to be credible and willing to give this challenge a real go.