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.