Lendio Sets Record Numbers; Eases Burden of Getting Business Loans
Lendio sees nearly 500 percent increase in matching businesses with small business loans.
SALT LAKE CITY — The pain of securing business loans is easing, according to Lendio, which set record numbers this quarter in matching business owners with the right types of business financing.
“In 2012, we’ve seen almost a 500 percent increase in successfully matching small business owners with the right lender,” said Brock Blake, Lendio CEO. “Once you’re matched to a lender, it is significantly easier to land a business loan.”
After being matched to a lender through Lendio’s platform, there’s about a 70 percent chance of getting funding. One of those who recently had success through Lendio was Jake Fackrell, CEO of Humaneyezed.
“Within minutes of using Lendio I had offers already coming in to my email box,” Fackrell said. “I was pretty impressed. We had a number of fantastic options and we were able to pick what worked best for our company. Lendio provided legitimate solutions. Now we have the ability to make our vision a reality.”
“The national approval rate for business loans is about 10 percent,” said Levi King, President of Lendio. “Our success means business owners are beating the number and getting the capital they need.”
In the first quarter of 2012, Lendio has experienced:
- 475% increase small business owners getting connected to lending sources.
- 265% increase in number of small business owners using Lendio loan platform
- Record number of banks who have signed up for the Lendio platform.
“The process of vetting out the right lenders and finding the right loans can be daunting, and is one of the reasons small businesses have a hard time getting enough money to grow,” Blake said. “Lendio makes it simple to quickly shop and compare rates and terms for loans you could qualify for.”
In just a year since Lendio launched its online service, small businesses requested about $7 billion in business financing. Lendio has added more than 3,000 business loan options from traditional banks, credit unions and alternative lenders across the country.
“Ninety-one percent of the business owners (Lendio) delivered through their loan platform were qualified, this is a strong ratio of qualified clients,” said Tom Bonneau, Marketing Director of ForwardLine, a small business lender. “It’s an above-average percentage compared to other marketing channels.”
“We’re trying to help business owners live the American Dream by helping them get the capital they need to grow their business,” Blake said. “To do that, we’re helping lenders receive qualified borrowers, and matching business owners with the right type of funding.”
To create a free Lendio profile and to be matched to a business loan, go here: https://www.lendio.com/sign_up
Lendio makes business financing simple by matching qualified small business owners with active banks, credit unions and other lending sources. Through a proprietary matching technology, Lendio also instantly helps business owners shop, compare and contrast thousands of business loans in one spot. Lendio is a free service for business owners and is venture-backed by Highway 12 Ventures and Tribeca Venture Partners. For more information, contact Lendio at press (at) lendio (dot) com.