Lendio to Demo Business Loan Matching Tech at Finovate
Lendio will showcase how its new technology makes it easier for business owners to obtain business loans by generating custom matches with the right loan type and lender
SALT LAKE CITY and SAN FRANCISCO — Lendio has been selected to demonstrate how its technology helps business owners obtain small business loans at FinovateSpring 2011 in San Francisco. The event showcases new technologies poised to transform the future of finance.
Lendio joins 64 companies — including Adobe, Mint.com, PayPal, Discover, Experian and Dwolla — that will have seven minutes to showcase their product.
“We are excited and honored to be participating at the upcoming Finovate event,” said Blake. “With all these great companies presenting to analysts, venture capitalists, bloggers, media and other well-known financial executives, this event should be a blast. It’s the perfect place to show off our new technology.”
Blake will present how Lendio’s online platform instantly matches business owners with the right business loan type and lender. Users determine which loan type best suits their needs by answering a series of questions. Based on credit score, industry, revenue, timing, size of requested loan, and other parameters, Lendio sifts through thousands of options to match the business owner with the best selection of lenders that fit his or her profile.
“It’s like a combination between LendingTree and Match.com for entrepreneurs,” Blake said.
Lendio developed the technology in 2011 after two years of development. This February, it secured $6 million in funding in a round led by Highway 12 Ventures and GSA Partners. Since then, the company has been featured in various media outlets and is quickly garnering attention.
“We’re more than just a new technology,” Blake said. “What we’re doing will potentially help boost the economy by helping more small businesses get the capital they need to help their businesses grow.”
Right now, many business loan applications fail across the country — partly because most business owners don’t understand all the details involved with getting a business loan.
“I have to say that I’m really impressed by (Lendio’s) program,” said Rhonda Brewster, a recent Lendio customer. “It explained things that I had heard of, but never understood.”
Brock says many business owners feel that way. It’s why business loan applications are experiencing only a 10 percent approval rate.
“Most fail because business owners don’t have the resources to find the right loan type or lender,” Blake said. “At Finovate, we’ll present a technology that is turning that stat on its head by making it easy to find that right business loan.”
Lendio makes small business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources. Through a proprietary business loan 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, or visit //www.lendio.com/