Lendio Tops $250 Million in Funding to 10,000-plus Small Businesses
Strong Q2 results, including $55 million in new loans, inspire optimistic outlook
South Jordan, UT – August 4, 2016 Lendio, the nation’s leading marketplace for small business loans, today reported it has achieved a significant milestone, facilitating more than $250 million in funding to more than 10,000 small businesses since its founding.
Lendio also reported strong results for the quarter ending June 30, 2016, facilitating more than $55 million in funding to small businesses in Q2, an increase of 86 percent from the $29.5 million reported for Q2 2015.
“We are thrilled to report that we continue to see strong growth across all key metrics for our business,” said Brock Blake, CEO, Lendio. “Lendio’s marketplace remains both strong and steady, despite pessimism in the market, as we’ve helped accelerate growth for more than 10,000 small business owners nationwide. It is especially gratifying to know we are in a unique position to bring funding options to entrepreneurs that may not otherwise have access to those critical resources, and we love to see how it empowers these small business owners to successfully make their dreams a reality.”
Q2 2016 Highlights
- 2,400 new businesses funded, a 133 percent increase over Q1
- Record number and volume of loan renewals
- Loans funded in all 50 states
- Top 10 states: California, Florida, Texas, New York, Georgia, Illinois, New Jersey, North Carolina, Virginia and Colorado
- Top industries: construction, transportation, retail, healthcare, restaurant, manufacturing and automotive
- Lendio certified by Great Place to Work®
Lendio’s strong performance was also bolstered by high profile partnerships with industry leaders like Staples and American Express. Of the $55 million funded, more than $4 million came through Lendio’s partnership with Staples. In Q2, Lendio announced a partnership with GoDaddy to provide a more robust solution to the website domain registration site marketplace of more than 14 million small business owners and entrepreneurs.
One of the small business owners who secured funding on Lendio’s marketplace was Jon Reed. With the routine costs of doing business increasing, Reed realized the immediate need for capital in order to survive. His company, Sports Chrome, distributes custom chrome accessories for motorcycles and required new equipment to increase the company’s daily output. “Lendio got us the funding that we needed in order to make our growth possible,” said Reed. “We have found Lendio to be the perfect business partner because the expectations we have of each other are 100 percent clear.”
Lendio also announced it will support the SMART Box, a voluntary initiative aimed at building industry transparency. Lendio will join other industry stakeholders to determine how best to communicate the true cost of credit to small business borrowers.
“As leaders and stewards in this industry, we feel it is imperative to rally around a common ground of best practices so the responsible flow of capital to Main Street continues and expands,” Blake added. “Providing business owners with the most complete information is one way to make sure that happens.”
Lendio is a free online service that helps business owners find the right small business loans within minutes. The center of small business lending, our passion is fueling the American Dream by uniting the small business loan industry and bringing all options together in one place, from short-term specialty financing to long-term low-interest traditional loans. Our technology makes small business lending simple, decreasing the amount of time and effort it takes to secure funding. More information about Lendio is available at www.lendio.com.