online lending

Is Online Lending a Game-Changer for Small Businesses? (VIDEO)

2 min read • Dec 22, 2021 • Lendio

If you’ve ever hesitated to apply for financing because you were concerned you’d be turned down, know you’re in good company. The Federal Reserve learned in 2019 that 13% of consumers simply didn’t apply for a loan because they thought they wouldn’t qualify. Five years earlier, that number was even greater—19% didn’t submit an application for the same reason.

However, the Federal Reserve also learned that the percentage of people who reported applying and being denied credit was in fact lower than the number that didn’t apply: in 2019, only 11% reported being turned down; in 2014, 16% indicated they didn’t qualify.

Lesson learned: sometimes fear gets the best of us.

Recently, Lendio’s CEO and co-founder, Brock Blake, sat down with the Small Biz Ahead podcast to talk through some of the concerns small business owners have about applying for a loan or other financing through an online marketplace like Lendio, including how, when, and why to apply. Blake also explained Lendio’s process, how it differs from traditional banks’, and why working with a network of 75+ unique lenders —all accessed through the same, short application—can help get the right capital to small business owners at the right time, even if the owner doesn’t have a long or perfect credit history.

You can watch the interview here.

 

Disclaimer: The information provided in this post does not, and is not intended to, constitute business, legal, tax, or accounting advice and is provided for general informational purposes only. Readers should contact their attorney, business advisor, or tax advisor to obtain advice on any particular matter.

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