Lendio's online matching platform matches lenders with qualified business owners, answering the call from U.S. Treasury Secretary on 'helping innovative companies get the funding they need to succeed' In the wake of the economic recession, the federal government is trying to spur growth by helping entrepreneurs and small businesses. The SBA estimates that small companies generate about two-thirds of new jobs. The problem is, in the current system, it’s not easy for business owners to secure small business loans and other the capital they need. "The financial crisis caused a great deal of damage to the capacity of innovators to access capital, and we can't promote innovation and investment in the United States unless we help innovative companies get the funding they need to succeed," said U.S. Treasury Secretary Timothy Geithner in remarks prepared for a Treasury-sponsored conference, as quoted by the Wall Street Journal. Lendio, a Salt Lake City-based company, may be the solution to that dilemma. The company launched an online platform this year that matches businesses with the right business loans. The process makes it easier for business owners to find capital, and significantly increases the chance for loan approvals. "Right now," said Brock Blake, Lendio CEO, "nine out of 10 commercial loan applications made by businesses are rejected, representing a success rate of an embarrassing 10 percent. With Lendio, we’ve literally turned that stat on its head. So far, 70-80 percent of loans are being approved." Wall Street Journal writer Jeffrey Sparshott reported that “credit markets froze in 2008, making it difficult to impossible for start-ups to access financing from venture capital funds, banks and other sources. The overall situation has improved, but the Obama administration still sees lingering effects from the economic crisis – with more difficulty tapping equity markets and more stringent requirements from other would-be sources of funding.” Blake said a main reason for those problems is because businesses don’t know how to access SBA loans and other available funds. “People think they just go to the bank to get a loan," Blake said. "What they don’t know is each bank, each loan, will have a very different set of qualifications that can kill the deal. With Lendio, they don’t have to waste time sifting through hundreds of lenders and loans. They just answer a few questions and we give them custom loan options that fit their situation.” Recent news seems to have conflicting reports from Washington regarding helping small businesses. In his recent State of the Union Address, President Obama talked about being innovative and competitive to stimulate small business growth. A week later, the White House launched Startup America, designed to increase the number of new companies and help entrepreneurs. But shortly after, the President cut funding for the Small Business Administration. This week, the Treasury Department said applications from three states have been accepted for funds under a program designed to generate more small business funding. “There has been a lot in the media lately that seems to either hurt or help companies trying to raise capital or qualify for small business loans,” Blake said. “The truth is, banks still want to lend, the government wants small businesses to succeed; it’s just a matter of matching the right lenders with the right business owners. We are here to make that happen.” About Lendio Lendio makes small business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources. Through a proprietary matching technology, Lendio assists a business owner to identify the business loan category and specific lenders that offer the highest probability for that business owner to prepare for and secure a business loan approval. Lendio formerly operated as FundingUniverse.com. For more information, contact Lendio at press(at)lendio(dot)com.