Running A Business

Borrower DNA: The 7 Small Business Loan Profiles — Entrepreneur Addiction Podcast

Jun 20, 2012 • 10+ min read
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      Have you ever wondered what it takes to get a small business loan? Small business owners typically fall into one of seven business loan profiles. In this week’s podcast, Brock Blake, CEO of Lendio and Jessie Warner, Loan Guru of Lendio talk through the 7 small business loan profiles and what is takes to get a business loan in today’s economy.

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      If you can’t listen, here’s the transcription:

      Announcer: Fueling your business
      success, this is the Entrepreneur Addiction Podcast. Breaking
      the small business loan news you need if you obsess about your
      company, heard exclusively on Now here are your
      hosts, Brock Blake, Dan Bischoff, and Patrick Wiscombe.

      This Podcast is sponsored by The online source you need
      to find the right business financing to grow your company. Check
      them out,, to get your business growing right now.

      Patrick: It’s the Entrepreneur Addiction Podcast. My
      name is Patrick Wiscombe. Thank you as always for tuning us in
      and taking us along wherever and however you’re accessing the
      Podcast today. Coming up on today’s edition of the Entrepreneur
      Addiction Podcast, we’re going to be talking about seven loan
      profiles. Before we do that, let’s introduce everyone that’s on
      the panel. We’ve got Jessie Warner.

      Dan: I want to bring Jessie because Jessie is a scientist, and for the last
      little while Jessie’s been doing a lot of research and figuring
      out different types of borrowers and what they qualify for
      loans. It’s quite interesting, so we wanted to bring him on and
      talk about his findings and the different types of borrowers and
      what they can get for loans. I’m going to step out though. This
      is my introduction. I’m going to step out and let Brock and
      Jessie go for it.

      Patrick: What you’re saying is we’ve got the chief marketing scientist
      here in house.

      Brock: Yeah, chief marketing scientist. I’m calling him Dr. J.

      Patrick: The chief marketing scientist, the director of demand
      management, director of marketing science, and director of
      persona development. How’s that? That is Jessie Warner. Welcome
      to the show.

      Jessie: Thanks. That’s a lot of titles there. Impressive.

      Patrick: Dan Bischoff, before he took off there, the director of
      communications at Lendio. Back in studio, we haven’t had him in
      studio for quite a while, Brock Blake the CEO of Lendio. It is
      good to see you again.

      Brock: It’s great to be back in studio.

      Patrick: Let’s get into the topic of today, which is the seven borrower
      DNA. These are people who come to Lendio. These are the types of
      people or the situations that they’re in when they come and ask
      for money from Lendio. Am I understanding that right?

      Jessie: That’s about right. They’re different profiles. They’re
      different people that come on to Lendio and they have unique
      situations around them. For example, if we were to just talk
      about an entrepreneur and if we were talking about what they are
      trying to do, the situations they’re in, they have similar

      For example, let’s just take this guy Jim. Jim’s an entrepreneur
      and he has a good idea. He starts a business and he starts to be
      successful. He goes on for about a year and he kind of comes to
      this point where he’s got to decide either to pivot or
      persevere. He’s got to either keep going, change something, or
      he’s going to fail. He kind of comes to a couple situations. He
      says, “Hey, I can do this. My business is skyrocketing. Now all
      I need is some more money. With more money, I’m just going to
      keep growing. I’m going to hire employees. I’m going to keep
      building my product.” On the other side, he could be, “Hey, man,
      my business is failing. I have to do something, so I need more

      Either of these two guys, they’re looking for money. They have
      to find it somewhere. Where do they go? What do they do? What do
      they look like? There are these different patterns that these
      people exhibit.

      We’ve identified seven kinds of borrowers. I think most of
      America would fit into any one of these seven depending on
      several characteristics.

      Patrick: Okay. Let’s go over what the seven characteristics are or, I
      guess, the personality traits. As they come to the table, they
      come to Lendio looking for money. Let’s go over number one. What
      does that borrower look like?

      Brock: You want me to start?

      Jessie: Go ahead, Brock.

      Brock: Okay. We’ve named these to help create a memorable personality
      or profile. Each of these, as Jessie or Dr. J said, is in
      different situations. We’ll start with the perfect profile. This
      is what we call Excellent Eddie.

      This individual is really an ideal candidate for a business
      loan. They usually have been in business over two years. Maybe
      they’ve been in business 10 years. They have really good
      personal credit, so their credit is usually going to be over 680
      personal credit score.

      This individual ideally has revenues over $250,000 a year. They are
      looking for a larger loan, usually greater than $100,000. All of
      those characteristics add up to, man, if you’re a bank out
      there, you want to get a hold of Excellent Eddie. They’ve got
      all the characteristics you want.

      You want them to be able to do a larger loan. You want them to
      be able to have great credit. You want them to have good
      revenue. You want them to have a few years in business so
      they’re stable. This individual, it’s not whether or not they
      can get a loan. It’s what is the best loan option for them
      that’s going to give them the best rates and the best terms.

      It’s competitive for the banking community. All of them are
      trying to get Excellent Eddie in the door so they can give them
      a loan.

      The first individual is that ideal borrower to be able to get a
      loan from a banker or credit union.

      Patrick: The home run.

      Brock: Yeah. Home run. There could be a few things on the side that
      could trip them up, like if they don’t have collateral or if
      they’re not profitable or stuff like that. For the most part,
      that is the ideal client that could get approved for a loan in a
      lot of different scenarios.

      Patrick: As I’m listening to that, at one point about 10 years ago, I
      think I fit into Excellent Eddie’s category when I had a
      computer business. I was just listening, I’m like, “Wow, I was
      an Excellent Eddie at one point.” I don’t know if I can say that
      anymore. Let’s go to persona or borrower type number two. Jessie,
      set it up for us.

      Jessie: I just wanted to say about Excellent Eddie real quick, some
      people aspire to be like Brock Blake. If you’re a small business
      owner you want to aspire to be like Excellent Eddie. Excellent
      Eddie’s got the score, he’s got the revenues, he’s got the time
      and business. He’s got the perfect DNA to go and get a loan.

      There’s this other guy, which is kind of right below Excellent
      Eddie, which a lot of people fit into and we call him Great
      Scott in honor of Back to the Future.

      Great Scott, he really is a good candidate. He’s a great
      candidate for maybe some alternative lending options. Some banks
      will even pick him up. Great Scott, this is kind of what his DNA
      looks like. He’s looking for more than $25,000. He has one of
      two types. Either he has 650 to 680 credit score…

      Patrick: Okay. By the way, what’s considered a good credit score? 680
      and above? Where do you cross into that killer range?

      Brock: Good would be 680 and above. Excellent would be 720 and above.

      Patrick: Okay. All right, sorry. Go ahead and continue.

      Jessie: Since there’s a lot of people who kind of fit in different
      ranges of credit, really 680, banks are willing to work with
      them. Great Scott, if he has a 680, he’s looking for a $25,000
      plus in a loan, and he has revenues of between $100,000 and
      $250,000 every year, so annual revenues. This is Great Scott who
      we’re talking about. The difference here between Great Scott and
      Eddie is really, in this case, the annual revenues.

      Patrick: I was going to say. Now what was the annual revenue again for
      Excellent Eddie?

      Jessie: Excellent Eddie’s $250,000 plus in revenue.

      Patrick: Okay, $250,000 plus..

      Jessie: Often those can be characteristics of $500,000, a million plus.
      Those guys have revenues. They can sustain their business.
      That’s one category of Great Scott where he has good credit and
      he has between $100,000 and $250,000 in revenues.

      The other kind of Great Scott is someone with a credit score of 650
      to 680, but he has good revenues. Not as good credit, but he’s
      got $250,000 plus in revenues.

      There are these two DNA types, or if you want to say O+ and O-
      here that Great Scott fits into. Maybe 1 in 10 banks will look
      at him. Most likely he may have to go to an alternative lending
      source to get the funding he needs.

      Patrick: All right, so Great Scott A and Great Scott B.

      That’s right.

      Patrick: All right. Brock?

      Brock: All right, I’m going to throw us for a loop here. Instead of
      going from Excellent Eddie to Great Scott, I’m going to go on
      the very other end of the spectrum and talk about who we named
      Bad Credit Billy.

      Jessie: I think he just wanted to talk about Billy.

      Patrick: I wish I had some gun sound effects. Here’s Bad Credit Billy.

      Brock: Unfortunately, Bad Credit Billy does not have a lot of loan
      options. Usually this is an individual with a credit score lower
      than 600. They’ve probably had a bankruptcy or other things that
      have negatively affected their credit score. These individuals,
      in the situation they’re in, if they have bad credit and they’re
      a startup, it’s nearly impossible to get approved for a loan.

      Patrick: Even with alternative financing that we’ve talked about weeks
      and weeks ago?

      Brock: Yes. If they have bad credit and they’re a startup, there are
      very, very few options. Your options are going to be usually
      friends or family or maybe some sort of crowd funding option, or
      something like that.

      Patrick: Basically, they’ve got to bootstrap it or borrow money from

      Brock: Right. However, if this Bad Credit Billy has revenues, there’s
      likely a lender out there that could approve them for a loan.
      The interest rate is going to be probably quite a bit higher.
      We’re talking high teens, maybe low 20s, as far as annual
      interest rate.

      Patrick: At this point, could they consider a loan shark?

      Brock: They’ve got to use something else as collateral. A credit score
      really is helping the underwriter determine how likely you are
      to pay back your loan. That’s really what a credit score is. If
      you’ve got good credit, it means you’ve really taken care of
      your finances and you’re very likely to repay your loan. If you
      don’t have that history and that track record, then they’re
      going to use something else as collateral. In this case, most of
      the time it’s revenue.

      They’ll use what’s called a merchant cash advance. They’ll look at
      your credit card receivables. How much volume are you processing
      in a month from credit cards? Then they use that as your
      collateral to determine how much financing they’ll give you. If
      you have $100,000 in credit card financing, then maybe they’ll
      give you 60% or 80% of that in a line of credit, and then
      they’ll use your credit card receivables as collateral.

      Patrick: As payment?

      Brock: Yes.

      Patrick: Do they levy that kind of stuff on a daily basis? Let’s say you
      do, just to keep the math simple, $1,000. Then when it comes to
      paying off a loan, they just take it a daily percentage of…
      Let’s say that in your bank you receive $900, so they take $100
      payment for the day, just to keep it simple.

      Brock: It depends. There are some lenders that it’s a daily payment.
      You have an ACH, and to repay the loan it’s just a small
      percentage every single day that gets automatically transferred
      out of your bank account. There are a few lenders like that.
      Most of them are monthly though, just like a normal loan.

      Patrick: All right. Just a normal merchant statement.

      Brock: Yeah. Bad Credit Billy, if it’s a startup and low credit, very
      few options. If it’s bad credit and have revenue and it’s not a
      startup, you might have a few options.

      Patrick: Okay. Is it kind of surprising that with all of the options
      that people have that they, generally speaking, fit into these
      seven personality types? Do 95% of people fall into one of these
      borrower DNA types?

      Jessie: We actually looked at our entire database, so all of the leads
      and all of the people coming in looking for loans through

      Brock: Thousands and thousands of profiles.

      Jessie: We’re looking at probably 35,000 different profiles of people
      that have been coming in. All of these guys can fit into one of
      these categories. Really, they have either one or two
      characteristics that kind of define who they are.

      Bad Credit Billy, for example, bad credit defines him. It doesn’t
      matter, for the most part, how much revenues he has or how long
      he’s been in business. He’s still Bad Credit Billy. His number
      one liability is his bad credit. Unless he’s got something else
      in his back pocket like Brock was explaining, he has bad credit
      and he’s got to fix that problem.

      Patrick: Let’s move up the list from Bad Credit Billy to who’s next?

      Jessie: There are two people that would be next here. We have Small
      Loan Sam and Start-Up Sally. I think Brock could probably speak
      better to Start-Up Sally, so I’m going to talk about Small Loan
      Sam. Small Loan Sam, what defines him is that he’s looking for a
      loan for less than $25,000.

      Now, banks, alternative lending, anybody that has to go through the
      whole underwriting process of a loan, they want to get the most
      bang for their buck. When they see a small loan come in, banks
      are most likely going to just say, “Hey, I’m really not
      interested,” unless maybe they have a good relationship with the
      bank or if they walk in, in person, and persuade the loan
      officer. From our perspective, banks don’t really like Small
      Loan Sam.

      When you say $25,000, that might be a ton of money to the
      person taking the money out, but when it comes to a financial
      institution, they’re looking for a much larger way to make a
      return on their money.

      Jessie: Well, they would prefer that. It usually is going to take them
      the same amount of time and the same amount of expenses to
      underwrite a $5,000 as they would a $100,000 loan. If they’re
      going to take the same time and energy and effort, they would
      rather do a larger loan in most scenarios. This isn’t across the
      board. Just in most scenarios, they would prefer a larger loan.

      There is a caveat here. There are some lenders that really focus
      on smaller loans, that Small Loan Sam is ideal. A good majority
      of them would prefer to do larger loan size if they could.

      Okay. Let’s get back to Small Loan Sam. Loans less than
      $25,000. What else?

      Jessie: This guy also has to have a credit score of at least 600. Like
      Brock said, if this guy has a credit score between 600 and 680,
      so an okay credit, he’s most likely going to go and get funding
      through an alternative lending source. Merchant cash advance,
      maybe a business credit card, a line of credit.

      If he wants to go and get a loan through the bank, he’s still
      going to have to meet those other criteria. He’s going to have
      to have a good credit score, he’s going to have to have his time
      in business, and most likely he’s going to have to have annual
      revenues. You could say there are Small Loan Sam A and Small
      Loan Sam B, but the defining characteristic is that they’re
      looking for less money.

      Now, some of these guys that have good credit that have been in
      business for a long time, that have good annual revenues, if
      they were to gust go look for $50,000 instead of $25,000,
      ironically they’d probably have more banks interested in loaning
      to them so they’d have more options. Then, of course, that also
      comes with more risk. Maybe they’re afraid to take out a bigger
      loan. Maybe they don’t think they could qualify for a bigger
      loan. They do have options. Small Loan Sam still has a lot of
      options but maybe not through the bank.

      All right.

      Brock: All right. We’ve been talking about Billy and Sam, Eddie and
      Scott. We need to bring some females into the picture here, so
      we’re going to talk about Start-Up Sally.

      Patrick: Okay. Is this one of the seven personality types or is this
      like number 4A or 4B?

      Brock: Excellent Eddie was one, Great Scott two, Bad Credit Billy
      three, and then Small Loan Sam four, so we’re on number five.
      We’ve got three more to go.

      Start-Up Sally is just someone who isn’t in business yet. She
      hasn’t yet incorporated. It doesn’t really matter what her
      credit score is necessarily. Her defining profile is that she
      hasn’t been in business. It’s kind of in an idea phase.

      A lot of these individuals are people that they’re like, “Man I’ve
      got an idea. The only way I can make this idea work is to get
      some financing.” The major risk component here from a bank or a
      lender perspective is that they don’t have any track record.
      There are no revenues.

      Patrick: There’s no proven model.

      Brock: There’s nothing, right. It’s just an idea and ideas are a dime
      a dozen. This is a very risky loan. Just as the Bad Credit Billy
      was a very risky loan because of the credit score, this is a
      very risky loan because there’s no track record. Most of the
      loan options are going to require that you get in business and
      start to have some sort of track record.

      Again, like Bad Credit Billy, a lot of the options that are out there
      for Start-Up Sally would be friends and family members. There
      are peer-to-peer loan options out there. Lending Club is a great
      partner that we have or These loan options,
      especially the peer-to-peer, what they’re doing is they’re
      judging you based not off your business but off your personal
      credit score and off your personal income.

      If you have a decent credit score and you have some income coming in,
      they’ll lend to you up to $35,000. There are very few lenders
      that will lend to someone that is not yet in business on the
      business side. There are maybe two or three that would do that,
      but they’re going to really want you to get incorporated. The
      loan size is going to be $10,000 at most.

      A pretty small loan amount.

      Pretty small loan amounts, yeah. Start-Up Sally, again, that’s
      her Achilles heel. She just isn’t in business yet. No track

      Patrick: If I understand what we’re doing here, you’ve got the seven
      loan models. We’ve still got a couple more to go. As people walk
      through, which is free and you can sign up for free,
      and then you match the individual people to the individual loans
      that they need. What you’ve done is you’ve got suppliers, if I
      understand this correctly, or you work with companies that meet
      all of these different loan scenarios. Is that right?

      Yes, that’s exactly it. You can imagine, we’re only through
      five. Hopefully people that are listening to this driving on the
      road, they’re not saying, “Wow, am I Start-Up Sally or Bad
      Credit Billy?” Hopefully there’s not confusion.

      There are so many different business owners out there and all of them
      with their own unique story and with their own unique profile.
      They’re all trying to start their business. They’re aunts,
      uncles, friends, and neighbors. They’re trying to start
      restaurants and landscapers and trying to get their business off
      the ground. It’s so difficult for that individual who has
      payroll problems, inventory, customer demand, and all of these
      things they’re trying to juggle. For them to try to keep up on
      all this stuff is near impossible.

      There are thousands of lenders out there in the United States,
      all of them that focus on a different loan profile. Some of them
      like the Start-Up Sally. Some of them would do Bad Credit Billy.
      Some of them only do Excellent Eddies.

      That’s our job. Lendio is we’ll bring all the lenders. We’ll
      profile them all. Business owner, you come, it’s free. We’re not
      going to charge you a thing. We’re going to match you to give
      you the best options you have to get approved for a loan. We
      just want to make it easy on you so you can get approved. The
      bank will pay us. That’s where we make our money.

      Patrick: If you’re a business owner and you’re trying to get a loan,
      this is a terrific idea because you’ve taken all the headache
      out of it. I don’t want to sound like a commercial here, because
      I really don’t. I’m just saying that this is a very valuable

      We think so, obviously, or we wouldn’t be building the
      business. We appreciate the validation. What’s really fun, just
      to take one second and do a side note. The most fun part of our
      job is to hear about the customers’ stories and to learn about
      each of their challenges. For them to be able to tell us, “I got
      a $17,000 loan and it changed my business. It helped me to grow.
      It helped me to survive.” It helped me to do whatever their
      challenge was when we provide that service. We get that very

      Last week, it was fun. One day, I got information back to me of
      13 business owners that had got approved for loans. The next day
      I found out a business owner that got a $750,000 loan. That’s
      what’s really fun about building this business. It’s to think
      about the U.S. and the economy and all the various individual
      businesses out there that we can help.

      Not everyone’s going to get a loan, and I don’t want it to come
      across that way, but we are going to do everything we can to
      help each one. Give them the best chance to get a loan.

      Okay. Let’s move on to the last two personality types. We ended
      with Start-Up Sally. Let’s go to number six. Jessie, you go.

      Jessie: Start-Up Sally, Bad Credit Billy, Small Loan Sam, they’re all
      going to exhibit some of the characteristics of this next guy.
      This next guy, inspiration from Dan. Thank you, Dan. We call him
      Fighting Fabio.

      Patrick: Oh, dear. That sounds like a Dan, too.

      Jessie: Fighting Fabio kind of exhibits all of the characteristics of
      an entrepreneur. This guy is fighting. That’s why we call him
      Fighting Fabio. He’s struggling. He’s just trying to survive. He
      has bills piling up. He has P.O. problems, collection problems.

      What’d you say? B.O.?

      Jessie: P.O. problems, sorry.

      Patrick: Oh, I was like, B.O. problems?

      Jessie: They’re working so hard they probably have B.O. problems.

      Patrick: Man, they stink.

      Jessie: Purchase order, P.O.

      Fabio does not have B.O. problems.

      Jessie: Picture the long, luscious hair on this guy, right.

      That is one ugly man. I’m sorry. Continue.

      Jessie: There are two DNA types for this guy as well. DNA type A and
      DNA type B. Fighting Fabio has got one of two things that kind
      of define him.

      Either one, he’s been in business for less than a year. He’s just in
      that startup, that “I don’t know if I’m going to make it. I
      don’t know if I can do this.” He’s just struggling to get past
      that year mark.

      The other Fighting Fabio is the guy that’s gotten past the year
      mark and is between one and two years. Actually it could be
      anywhere, but he has less than $100,000 in revenues. He’s been
      in business for a while, but he’s really not making any money. I
      don’t know if he’s being funded by family, friends, and personal
      fortune. Maybe Fabio, he’s probably got some money, right?

      Really, he’s just fighting to stay alive. He needs more revenue, he
      needs more experience, and he needs more time in business. Most
      likely, a bank probably isn’t going to be interested in him.
      He’s just fighting. He’s struggling. He could either go big or
      go broke at this point.

      Alternative lenders are a good source for this guy to fund, depending
      on his characteristics. What’s his credit score? We’re still
      talking about anybody with a 600-plus credit score. Anybody
      below that, you’re automatically a Bad Credit Billy. This guy
      isn’t a startup. He’s gotten off the ground for at least three
      months, probably between three months and a couple years. He has

      I think, really, Fighting Fabio should be forming a relationship
      with the bank. Get a business checking account. Get a business
      savings account. Make sure your credit is still good. Pay your
      personal bills. Like a lot of startups, bootstrapping, a home
      equity line of credit. He has options. Until he really proves
      himself, Fighting Fabio’s going to keep struggling. Hopefully,
      with Lendio, we’ve tried to find people and we have alternative
      lenders that will help this guy. It just may not be at the rates
      or the terms that he wants.

      Brock: Jessie makes a good point there. With a lot of these profiles,
      Start-Up Sally, Fighting Fabio, Bad Credit Billy, a lot of times
      the best option for that business owner to get the financing
      they need now is through what we call an alternative lender.

      What we are recommending, and we’re starting to move into this and
      we’ve had positive feedback from our lenders, is at the current
      time, everyone wants a loan from a traditional bank. We say, “If
      you’re in this scenario, maybe the best option right now is to
      get a loan from an alternative lender while at the same time
      establishing a relationship with that traditional lender for the
      future. Even though that traditional bank may not give you a
      loan today, if we can match you up with a traditional bank and
      you can start the relationship with them. Maybe get a checking
      or a savings account, get to know the branch manager or the loan
      officer, and then work through whatever that challenge is over
      the next six months.

      “Over that six months you’re going to have more time in
      business. Hopefully you have a little bit more of a track
      record. Maybe over that six months you’re working on your
      personal credit score to improve it. If you establish a
      relationship now while you try to overcome that challenge, then
      six months or eight months down the road, you have the
      relationship and you’re in a better situation to actually get
      approved for a loan, maybe at a better interest rate and better

      Take that approach in tandem. Maybe take some financing now from an
      alternative lender, but establish a relationship with the
      traditional lender at the same time.

      Patrick: All right. Let’s go after the last personality type after
      Fighting Fabio.

      Brock: After Fighting Fabio is Catapult Kate. This is kind of right
      in the middle of this profile. On the high end, Excellent Eddie,
      on the low end, Bad Credit Billy. Catapult Kate is right there
      in the middle, on the edge. Catapult Kate usually is average
      across the board. They’re just about to make it. Maybe they have
      good credit, but their revenues are a little bit lower or
      they’ve got good revenues and their credit is a little bit

      They may have one characteristic like revenues and time in business
      that’s really good, but again their credit score. It’s like
      something is not quite there. Three out of the four maybe are
      there or two out of the four, but not four out of the four.

      This individual is an ideal client for an alternative lender.
      They’re going to want Catapult Kate all day long and they’re
      going to compete to get her business. Traditional lenders, she’s
      right there on the edge. Some might give her a loan.

      Depending on how conservative they are?

      Brock: Yes. Others may not. Catapult Kate may get declined by a bank
      and she may assume, “Man, I just got declined by this bank. I’m
      going to be declined by every bank.” That’s not the case.

      This one is an interesting profile in that it just is dependent
      on the lender. At the end of the day, it’s not so much about
      their profile. It’s about matching her to the right lender to
      help her get approved for that loan.

      It’s just at their discretion and how comfortable they are.

      Brock: Discretion might be one thing. Some traditional banks focus on
      different profiles. Some only care about Excellent Eddies.
      Others would rather open up their funnel a little bit and do
      more loans, so they’re going to do quite a few more of the
      Catapult Kate. If we can introduce that Catapult Kate to the
      right lender and let her establish a relationship with that
      lender, then there’s a high likelihood that she’ll get approved
      for a loan.

      Jessie: We went back and forth on Catapult Kate. We thought about
      calling her Potential Pete, but we need some more females in the
      mix. Catapult Kate, really though, the idea behind Catapult is
      she’s just so close. She’s just right there on the verge of
      being a Great Scott. She’s right there on the verge of being an
      Excellent Eddie. There’s just something missing. What we want to
      do is catapult her into that next level.

      Patrick: She clears the wall rather than slams into the wall.

      Jessie: That’s right. We want to get her over that wall and get her the
      loan that she needs so that she can then go on with business and
      catapult her business.

      Okay. We’ve gone over the seven personality types. Now I just
      want to talk business. Let’s talk shop here for a second.
      First of all, I think the value of this particular episode of
      the podcast is that people are driving to and from work. They
      can actually project themselves into, “Okay, maybe I’m a Great
      Scott, I’m an Excellent Eddie, Start-Up Sally.” Whoever they
      are, they can make that decision for themselves without
      embarrassing themselves in front of people before they go to a
      traditional bank.

      The thing that I like about this is you’ve done all the work for
      it. You’ve established all these relationships with the
      alternative lenders, the mainstream banks. Who am I missing

      Jessie: I think you’re spot on there. What I would say is even if
      you’re Bad Credit Billy or Start-Up Sally, you don’t have
      anything to lose by coming to Lendio and seeing what options are
      out there.

      Patrick: It’s free to do it.

      Jessie: You may think, “Oh, man. I’m a Bad Credit Billy and I’m not
      going to get approved for a loan.” Our hope is to give you
      options. Here are some options. Some of those options may be,
      “Here’s an option right now. You have one option and it is to
      get this loan and it’s at a high interest rate.” At the same
      time of you pursuing that loan, the other option is, “Maybe we
      have a partner that we can refer you to, to help you with your

      Patrick: Because you’ve got all the relationships.

      Jessie: Yes. Maybe we can refer you to a partner that says, “Okay.
      Let’s look at your personal credit score. Let’s figure out what
      happened. Let’s figure out if there are any inaccuracies that we
      can correct or things that we can do to help you improve your
      credit score to move from a Bad Credit Billy to maybe a Catapult

      Patrick: Do you offer credit repair as well, just in case?

      Jessie: We don’t, no. We have partners that we can refer people to that
      are in that situation, but we’re not going to do it at Lendio.
      We are only going to focus on the loan. We’re not going to offer
      any other services to the business owner. We have great
      partners. We have LegalZoom who helps with incorporation. We
      have Dun & Bradstreet who helps with business credit and others
      that help with personal credit. We can refer you to a partner if
      that’s the situation.

      Patrick: As we start to wrap up, let’s just continue with the shop talk
      here for a second. Let’s say someone is listening in to this
      podcast in their car right now, they’re running on the
      treadmill, or they’re out running some place. Walk us through
      the whole process. They just go to On the main page,
      if memory serves, I think it says “Get Started.” I don’t
      remember what the exact verbiage was. How long does it take and
      then how quickly will offers, assuming that offers are made,
      start appearing in their inbox from which they can select?

      Brock: You go to There’s some links there that say sign up
      or pursue a loan or something like that.

      Jessie: Find your loan.

      Brock: It would probably take them three to four minutes to fill out
      their loan profile, at a minimum.

      Patrick: That’s free, no charge.

      Brock: It’s free. Right after you fill out your loan profile, we’re
      going to give you options. You’ll see the lenders you’re matched
      to. Once you’re matched to them, those lenders will start
      reaching out to you. You don’t even have to reach out to them.
      They’ll call you up on the phone and say, “Hey, I got your
      profile information from Lendio. I think we have an option for
      you.” Then you start that interaction between those lenders who
      are now competing to get your business.

      Patrick: You’ve just matched somebody, and then it’s up to the business
      owner and whoever they got matched up with to continue that

      Brock: Yes. They can find out the details from the lender and they can
      pursue it or not pursue it. We’re going to try and put them in
      touch with the right lender as soon as possible and let them
      start interacting on trying to get the loan approved.

      Patrick: Brock, I know I’ve said this to you before, but it was months
      ago. I really hope this thing… I know that it’s growing. I
      know that it’s doing well, but, man, I hope you guys hit
      mainstream on this. I think this is a market that’s completely

      Brock: Thank you.

      Patrick: Good podcast today. Be sure to fill out your profile on I guess if people want to call, how do they get a
      hold of Lendio?

      Brock: It’s 855-8-LENDIO.

      Patrick: It’s toll free. 855-8-LENDIO.

      Brock: Yes. We have loan specialists who can answer questions.

      Patrick: Okay. Excellent Eddie, Great Scott A and B, Bad Credit Billy,
      Small Loan Sam, Start-Up Sally, Fighting Fabio, and Catapult
      Kate. Those are your borrower DNA profiles. Guys, let’s go ahead
      and wrap it up here. Terrific job today.

      Brock: Thanks for having us in the studio again. It’s nice to be back.

      Patrick: We’ll go ahead and wrap it up. Jessie Warner, who is the
      director of demand management, Dr. J, chief marketing
      specialist, director of marketing science, and director of
      persona development, all in one man.

      Jessie: All thanks to Dan. All those titles.

      Patrick: That sounds like a schizophrenic right there.

      Jessie: Well, I’ve got a little bit of bad credit in me. A little
      Billy, a little Eddie inside too.

      Patrick: Dan Bischoff, director of communications, he’s to my left. He’s
      off mic right now. Always good to see you.

      Dan: You, too.

      Patrick: Brock Blake, the CEO of Lendio. It’s good to have you here.

      Brock: My pleasure.

      Patrick: For Jessie, Dan, Brock, I’m Patrick Wiscombe. Remember, you can
      pick up the podcast on You can also pick it up
      on my website You can also pick it up on and on my page. For Jessie, Dan, Brock, I’m
      Patrick. Thanks for listening. We’ll talk to you next week. See

      Announcer: Making business loans simple, this has been the Entrepreneur
      Addiction Podcast. Helping you secure the capital you need, with
      your hosts Brock Blake, Dan Bischoff, and Patrick Wiscombe.
      Heard exclusively on

      About the author
      Dan Bischoff

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