Click below to Play Click here to download the mp3 Click here to subscribe on iTunes. Click here for the RSS feed (non iTunes) Click here for the show archive Have you ever wondered what it takes to get a small business loan? Small business owners typically fall into one of seven business loan profiles. In this week's podcast, Brock Blake, CEO of Lendio and Jessie Warner, Loan Guru of Lendio talk through the 7 small business loan profiles and what is takes to get a business loan in today's economy. Turn up your speakers or put on your headphones, and enjoy the conversation: Click below to Play If you can't listen, here's the transcription: Announcer: Fueling your business success, this is the Entrepreneur Addiction Podcast. Breaking the small business loan news you need if you obsess about your company, heard exclusively on Lendio.com. Now here are your hosts, Brock Blake, Dan Bischoff, and Patrick Wiscombe. This Podcast is sponsored by Lendio.com. The online source you need to find the right business financing to grow your company. Check them out, Lendio.com, to get your business growing right now. Patrick: It's the Entrepreneur Addiction Podcast. My name is Patrick Wiscombe. Thank you as always for tuning us in and taking us along wherever and however you're accessing the Podcast today. Coming up on today's edition of the Entrepreneur Addiction Podcast, we're going to be talking about seven loan profiles. Before we do that, let's introduce everyone that's on the panel. We've got Jessie Warner. Dan: I want to bring Jessie because Jessie is a scientist, and for the last little while Jessie's been doing a lot of research and figuring out different types of borrowers and what they qualify for loans. It's quite interesting, so we wanted to bring him on and talk about his findings and the different types of borrowers and what they can get for loans. I'm going to step out though. This is my introduction. I'm going to step out and let Brock and Jessie go for it. Patrick: What you're saying is we've got the chief marketing scientist here in house. Brock: Yeah, chief marketing scientist. I'm calling him Dr. J. Patrick: The chief marketing scientist, the director of demand management, director of marketing science, and director of persona development. How's that? That is Jessie Warner. Welcome to the show. Jessie: Thanks. That's a lot of titles there. Impressive. Patrick: Dan Bischoff, before he took off there, the director of communications at Lendio. Back in studio, we haven't had him in studio for quite a while, Brock Blake the CEO of Lendio. It is good to see you again. Brock: It's great to be back in studio. Patrick: Let's get into the topic of today, which is the seven borrower DNA. These are people who come to Lendio. These are the types of people or the situations that they're in when they come and ask for money from Lendio. Am I understanding that right? Jessie: That's about right. They're different profiles. They're different people that come on to Lendio and they have unique situations around them. For example, if we were to just talk about an entrepreneur and if we were talking about what they are trying to do, the situations they're in, they have similar situations. For example, let's just take this guy Jim. Jim's an entrepreneur and he has a good idea. He starts a business and he starts to be successful. He goes on for about a year and he kind of comes to this point where he's got to decide either to pivot or persevere. He's got to either keep going, change something, or he's going to fail. He kind of comes to a couple situations. He says, "Hey, I can do this. My business is skyrocketing. Now all I need is some more money. With more money, I'm just going to keep growing. I'm going to hire employees. I'm going to keep building my product." On the other side, he could be, "Hey, man, my business is failing. I have to do something, so I need more money." Either of these two guys, they're looking for money. They have to find it somewhere. Where do they go? What do they do? What do they look like? There are these different patterns that these people exhibit. We've identified seven kinds of borrowers. I think most of America would fit into any one of these seven depending on several characteristics. Patrick: Okay. Let's go over what the seven characteristics are or, I guess, the personality traits. As they come to the table, they come to Lendio looking for money. Let's go over number one. What does that borrower look like? Brock: You want me to start? Jessie: Go ahead, Brock. Brock: Okay. We've named these to help create a memorable personality or profile. Each of these, as Jessie or Dr. J said, is in different situations. We'll start with the perfect profile. This is what we call Excellent Eddie. This individual is really an ideal candidate for a business loan. They usually have been in business over two years. Maybe they've been in business 10 years. They have really good personal credit, so their credit is usually going to be over 680 personal credit score. This individual ideally has revenues over $250,000 a year. They are looking for a larger loan, usually greater than $100,000. All of those characteristics add up to, man, if you're a bank out there, you want to get a hold of Excellent Eddie. They've got all the characteristics you want. You want them to be able to do a larger loan. You want them to be able to have great credit. You want them to have good revenue. You want them to have a few years in business so they're stable. This individual, it's not whether or not they can get a loan. It's what is the best loan option for them that's going to give them the best rates and the best terms. It's competitive for the banking community. All of them are trying to get Excellent Eddie in the door so they can give them a loan. The first individual is that ideal borrower to be able to get a loan from a banker or credit union. Patrick: The home run. Brock: Yeah. Home run. There could be a few things on the side that could trip them up, like if they don't have collateral or if they're not profitable or stuff like that. For the most part, that is the ideal client that could get approved for a loan in a lot of different scenarios. Patrick: As I'm listening to that, at one point about 10 years ago, I think I fit into Excellent Eddie's category when I had a computer business. I was just listening, I'm like, "Wow, I was an Excellent Eddie at one point." I don't know if I can say that anymore. Let's go to persona or borrower type number two. Jessie, set it up for us. Jessie: I just wanted to say about Excellent Eddie real quick, some people aspire to be like Brock Blake. If you're a small business owner you want to aspire to be like Excellent Eddie. Excellent Eddie's got the score, he's got the revenues, he's got the time and business. He's got the perfect DNA to go and get a loan. There's this other guy, which is kind of right below Excellent Eddie, which a lot of people fit into and we call him Great Scott in honor of Back to the Future. Great Scott, he really is a good candidate. He's a great candidate for maybe some alternative lending options. Some banks will even pick him up. Great Scott, this is kind of what his DNA looks like. He's looking for more than $25,000. He has one of two types. Either he has 650 to 680 credit score... Patrick: Okay. By the way, what's considered a good credit score? 680 and above? Where do you cross into that killer range? Brock: Good would be 680 and above. Excellent would be 720 and above. Patrick: Okay. All right, sorry. Go ahead and continue. Jessie: Since there's a lot of people who kind of fit in different ranges of credit, really 680, banks are willing to work with them. Great Scott, if he has a 680, he's looking for a $25,000 plus in a loan, and he has revenues of between $100,000 and $250,000 every year, so annual revenues. This is Great Scott who we're talking about. The difference here between Great Scott and Eddie is really, in this case, the annual revenues. Patrick: I was going to say. Now what was the annual revenue again for Excellent Eddie? Jessie: Excellent Eddie's $250,000 plus in revenue. Patrick: Okay, $250,000 plus.. Jessie: Often those can be characteristics of $500,000, a million plus. Those guys have revenues. They can sustain their business. That's one category of Great Scott where he has good credit and he has between $100,000 and $250,000 in revenues. The other kind of Great Scott is someone with a credit score of 650 to 680, but he has good revenues. Not as good credit, but he's got $250,000 plus in revenues. There are these two DNA types, or if you want to say O+ and O- here that Great Scott fits into. Maybe 1 in 10 banks will look at him. Most likely he may have to go to an alternative lending source to get the funding he needs. Patrick: All right, so Great Scott A and Great Scott B. Jessie: That's right. Patrick: All right. Brock? Brock: All right, I'm going to throw us for a loop here. Instead of going from Excellent Eddie to Great Scott, I'm going to go on the very other end of the spectrum and talk about who we named Bad Credit Billy. Jessie: I think he just wanted to talk about Billy. Patrick: I wish I had some gun sound effects. Here's Bad Credit Billy. Brock: Unfortunately, Bad Credit Billy does not have a lot of loan options. Usually this is an individual with a credit score lower than 600. They've probably had a bankruptcy or other things that have negatively affected their credit score. These individuals, in the situation they're in, if they have bad credit and they're a startup, it's nearly impossible to get approved for a loan. Patrick: Even with alternative financing that we've talked about weeks and weeks ago? Brock: Yes. If they have bad credit and they're a startup, there are very, very few options. Your options are going to be usually friends or family or maybe some sort of crowd funding option, or something like that. Patrick: Basically, they've got to bootstrap it or borrow money from friends. Brock: Right. However, if this Bad Credit Billy has revenues, there's likely a lender out there that could approve them for a loan. The interest rate is going to be probably quite a bit higher. We're talking high teens, maybe low 20s, as far as annual interest rate. Patrick: At this point, could they consider a loan shark? Brock: They've got to use something else as collateral. A credit score really is helping the underwriter determine how likely you are to pay back your loan. That's really what a credit score is. If you've got good credit, it means you've really taken care of your finances and you're very likely to repay your loan. If you don't have that history and that track record, then they're going to use something else as collateral. In this case, most of the time it's revenue. They'll use what's called a merchant cash advance. They'll look at your credit card receivables. How much volume are you processing in a month from credit cards? Then they use that as your collateral to determine how much financing they'll give you. If you have $100,000 in credit card financing, then maybe they'll give you 60% or 80% of that in a line of credit, and then they'll use your credit card receivables as collateral. Patrick: As payment? Brock: Yes. Patrick: Do they levy that kind of stuff on a daily basis? Let's say you do, just to keep the math simple, $1,000. Then when it comes to paying off a loan, they just take it a daily percentage of... Let's say that in your bank you receive $900, so they take $100 payment for the day, just to keep it simple. Brock: It depends. There are some lenders that it's a daily payment. You have an ACH, and to repay the loan it's just a small percentage every single day that gets automatically transferred out of your bank account. There are a few lenders like that. Most of them are monthly though, just like a normal loan. Patrick: All right. Just a normal merchant statement. Brock: Yeah. Bad Credit Billy, if it's a startup and low credit, very few options. If it's bad credit and have revenue and it's not a startup, you might have a few options. Patrick: Okay. Is it kind of surprising that with all of the options that people have that they, generally speaking, fit into these seven personality types? Do 95% of people fall into one of these borrower DNA types? Jessie: We actually looked at our entire database, so all of the leads and all of the people coming in looking for loans through Lendio. Brock: Thousands and thousands of profiles. Jessie: We're looking at probably 35,000 different profiles of people that have been coming in. All of these guys can fit into one of these categories. Really, they have either one or two characteristics that kind of define who they are. Bad Credit Billy, for example, bad credit defines him. It doesn't matter, for the most part, how much revenues he has or how long he's been in business. He's still Bad Credit Billy. His number one liability is his bad credit. Unless he's got something else in his back pocket like Brock was explaining, he has bad credit and he's got to fix that problem. Patrick: Let's move up the list from Bad Credit Billy to who's next? Jessie: There are two people that would be next here. We have Small Loan Sam and Start-Up Sally. I think Brock could probably speak better to Start-Up Sally, so I'm going to talk about Small Loan Sam. Small Loan Sam, what defines him is that he's looking for a loan for less than $25,000. Now, banks, alternative lending, anybody that has to go through the whole underwriting process of a loan, they want to get the most bang for their buck. When they see a small loan come in, banks are most likely going to just say, "Hey, I'm really not interested," unless maybe they have a good relationship with the bank or if they walk in, in person, and persuade the loan officer. From our perspective, banks don't really like Small Loan Sam. Patrick: When you say $25,000, that might be a ton of money to the person taking the money out, but when it comes to a financial institution, they're looking for a much larger way to make a return on their money. Jessie: Well, they would prefer that. It usually is going to take them the same amount of time and the same amount of expenses to underwrite a $5,000 as they would a $100,000 loan. If they're going to take the same time and energy and effort, they would rather do a larger loan in most scenarios. This isn't across the board. Just in most scenarios, they would prefer a larger loan. There is a caveat here. There are some lenders that really focus on smaller loans, that Small Loan Sam is ideal. A good majority of them would prefer to do larger loan size if they could. Patrick: Okay. Let's get back to Small Loan Sam. Loans less than $25,000. What else? Jessie: This guy also has to have a credit score of at least 600. Like Brock said, if this guy has a credit score between 600 and 680, so an okay credit, he's most likely going to go and get funding through an alternative lending source. Merchant cash advance, maybe a business credit card, a line of credit. If he wants to go and get a loan through the bank, he's still going to have to meet those other criteria. He's going to have to have a good credit score, he's going to have to have his time in business, and most likely he's going to have to have annual revenues. You could say there are Small Loan Sam A and Small Loan Sam B, but the defining characteristic is that they're looking for less money. Now, some of these guys that have good credit that have been in business for a long time, that have good annual revenues, if they were to gust go look for $50,000 instead of $25,000, ironically they'd probably have more banks interested in loaning to them so they'd have more options. Then, of course, that also comes with more risk. Maybe they're afraid to take out a bigger loan. Maybe they don't think they could qualify for a bigger loan. They do have options. Small Loan Sam still has a lot of options but maybe not through the bank. Patrick: All right. Brock: All right. We've been talking about Billy and Sam, Eddie and Scott. We need to bring some females into the picture here, so we're going to talk about Start-Up Sally. Patrick: Okay. Is this one of the seven personality types or is this like number 4A or 4B? Brock: Excellent Eddie was one, Great Scott two, Bad Credit Billy three, and then Small Loan Sam four, so we're on number five. We've got three more to go. Start-Up Sally is just someone who isn't in business yet. She hasn't yet incorporated. It doesn't really matter what her credit score is necessarily. Her defining profile is that she hasn't been in business. It's kind of in an idea phase. A lot of these individuals are people that they're like, "Man I've got an idea. The only way I can make this idea work is to get some financing." The major risk component here from a bank or a lender perspective is that they don't have any track record. There are no revenues. Patrick: There's no proven model. Brock: There's nothing, right. It's just an idea and ideas are a dime a dozen. This is a very risky loan. Just as the Bad Credit Billy was a very risky loan because of the credit score, this is a very risky loan because there's no track record. Most of the loan options are going to require that you get in business and start to have some sort of track record. Again, like Bad Credit Billy, a lot of the options that are out there for Start-Up Sally would be friends and family members. There are peer-to-peer loan options out there. Lending Club is a great partner that we have or Prosper.com. These loan options, especially the peer-to-peer, what they're doing is they're judging you based not off your business but off your personal credit score and off your personal income. If you have a decent credit score and you have some income coming in, they'll lend to you up to $35,000. There are very few lenders that will lend to someone that is not yet in business on the business side. There are maybe two or three that would do that, but they're going to really want you to get incorporated. The loan size is going to be $10,000 at most. Patrick: A pretty small loan amount. Brock: Pretty small loan amounts, yeah. Start-Up Sally, again, that's her Achilles heel. She just isn't in business yet. No track record. Patrick: If I understand what we're doing here, you've got the seven loan models. We've still got a couple more to go. As people walk through Lendio.com, which is free and you can sign up for free, and then you match the individual people to the individual loans that they need. What you've done is you've got suppliers, if I understand this correctly, or you work with companies that meet all of these different loan scenarios. Is that right? Brock: Yes, that's exactly it. You can imagine, we're only through five. Hopefully people that are listening to this driving on the road, they're not saying, "Wow, am I Start-Up Sally or Bad Credit Billy?" Hopefully there's not confusion. There are so many different business owners out there and all of them with their own unique story and with their own unique profile. They're all trying to start their business. They're aunts, uncles, friends, and neighbors. They're trying to start restaurants and landscapers and trying to get their business off the ground. It's so difficult for that individual who has payroll problems, inventory, customer demand, and all of these things they're trying to juggle. For them to try to keep up on all this stuff is near impossible. There are thousands of lenders out there in the United States, all of them that focus on a different loan profile. Some of them like the Start-Up Sally. Some of them would do Bad Credit Billy. Some of them only do Excellent Eddies. That's our job. Lendio is we'll bring all the lenders. We'll profile them all. Business owner, you come, it's free. We're not going to charge you a thing. We're going to match you to give you the best options you have to get approved for a loan. We just want to make it easy on you so you can get approved. The bank will pay us. That's where we make our money. Patrick: If you're a business owner and you're trying to get a loan, this is a terrific idea because you've taken all the headache out of it. I don't want to sound like a commercial here, because I really don't. I'm just saying that this is a very valuable service. Brock: We think so, obviously, or we wouldn't be building the business. We appreciate the validation. What's really fun, just to take one second and do a side note. The most fun part of our job is to hear about the customers' stories and to learn about each of their challenges. For them to be able to tell us, "I got a $17,000 loan and it changed my business. It helped me to grow. It helped me to survive." It helped me to do whatever their challenge was when we provide that service. We get that very regularly. Last week, it was fun. One day, I got information back to me of 13 business owners that had got approved for loans. The next day I found out a business owner that got a $750,000 loan. That's what's really fun about building this business. It's to think about the U.S. and the economy and all the various individual businesses out there that we can help. Not everyone's going to get a loan, and I don't want it to come across that way, but we are going to do everything we can to help each one. Give them the best chance to get a loan. Patrick: Okay. Let's move on to the last two personality types. We ended with Start-Up Sally. Let's go to number six. Jessie, you go. Jessie: Start-Up Sally, Bad Credit Billy, Small Loan Sam, they're all going to exhibit some of the characteristics of this next guy. This next guy, inspiration from Dan. Thank you, Dan. We call him Fighting Fabio. Patrick: Oh, dear. That sounds like a Dan, too. Jessie: Fighting Fabio kind of exhibits all of the characteristics of an entrepreneur. This guy is fighting. That's why we call him Fighting Fabio. He's struggling. He's just trying to survive. He has bills piling up. He has P.O. problems, collection problems. Patrick: What'd you say? B.O.? Jessie: P.O. problems, sorry. Patrick: Oh, I was like, B.O. problems? Jessie: They're working so hard they probably have B.O. problems. Patrick: Man, they stink. Jessie: Purchase order, P.O. Brock: Fabio does not have B.O. problems. Jessie: Picture the long, luscious hair on this guy, right. Patrick: That is one ugly man. I'm sorry. Continue. Jessie: There are two DNA types for this guy as well. DNA type A and DNA type B. Fighting Fabio has got one of two things that kind of define him. Either one, he's been in business for less than a year. He's just in that startup, that "I don't know if I'm going to make it. I don't know if I can do this." He's just struggling to get past that year mark. The other Fighting Fabio is the guy that's gotten past the year mark and is between one and two years. Actually it could be anywhere, but he has less than $100,000 in revenues. He's been in business for a while, but he's really not making any money. I don't know if he's being funded by family, friends, and personal fortune. Maybe Fabio, he's probably got some money, right? Really, he's just fighting to stay alive. He needs more revenue, he needs more experience, and he needs more time in business. Most likely, a bank probably isn't going to be interested in him. He's just fighting. He's struggling. He could either go big or go broke at this point. Alternative lenders are a good source for this guy to fund, depending on his characteristics. What's his credit score? We're still talking about anybody with a 600-plus credit score. Anybody below that, you're automatically a Bad Credit Billy. This guy isn't a startup. He's gotten off the ground for at least three months, probably between three months and a couple years. He has options. I think, really, Fighting Fabio should be forming a relationship with the bank. Get a business checking account. Get a business savings account. Make sure your credit is still good. Pay your personal bills. Like a lot of startups, bootstrapping, a home equity line of credit. He has options. Until he really proves himself, Fighting Fabio's going to keep struggling. Hopefully, with Lendio, we've tried to find people and we have alternative lenders that will help this guy. It just may not be at the rates or the terms that he wants. Brock: Jessie makes a good point there. With a lot of these profiles, Start-Up Sally, Fighting Fabio, Bad Credit Billy, a lot of times the best option for that business owner to get the financing they need now is through what we call an alternative lender. What we are recommending, and we're starting to move into this and we've had positive feedback from our lenders, is at the current time, everyone wants a loan from a traditional bank. We say, "If you're in this scenario, maybe the best option right now is to get a loan from an alternative lender while at the same time establishing a relationship with that traditional lender for the future. Even though that traditional bank may not give you a loan today, if we can match you up with a traditional bank and you can start the relationship with them. Maybe get a checking or a savings account, get to know the branch manager or the loan officer, and then work through whatever that challenge is over the next six months. "Over that six months you're going to have more time in business. Hopefully you have a little bit more of a track record. Maybe over that six months you're working on your personal credit score to improve it. If you establish a relationship now while you try to overcome that challenge, then six months or eight months down the road, you have the relationship and you're in a better situation to actually get approved for a loan, maybe at a better interest rate and better terms." Take that approach in tandem. Maybe take some financing now from an alternative lender, but establish a relationship with the traditional lender at the same time. Patrick: All right. Let's go after the last personality type after Fighting Fabio. Brock: After Fighting Fabio is Catapult Kate. This is kind of right in the middle of this profile. On the high end, Excellent Eddie, on the low end, Bad Credit Billy. Catapult Kate is right there in the middle, on the edge. Catapult Kate usually is average across the board. They're just about to make it. Maybe they have good credit, but their revenues are a little bit lower or they've got good revenues and their credit is a little bit lower. They may have one characteristic like revenues and time in business that's really good, but again their credit score. It's like something is not quite there. Three out of the four maybe are there or two out of the four, but not four out of the four. This individual is an ideal client for an alternative lender. They're going to want Catapult Kate all day long and they're going to compete to get her business. Traditional lenders, she's right there on the edge. Some might give her a loan. Patrick: Depending on how conservative they are? Brock: Yes. Others may not. Catapult Kate may get declined by a bank and she may assume, "Man, I just got declined by this bank. I'm going to be declined by every bank." That's not the case. This one is an interesting profile in that it just is dependent on the lender. At the end of the day, it's not so much about their profile. It's about matching her to the right lender to help her get approved for that loan. Patrick: It's just at their discretion and how comfortable they are. Brock: Discretion might be one thing. Some traditional banks focus on different profiles. Some only care about Excellent Eddies. Others would rather open up their funnel a little bit and do more loans, so they're going to do quite a few more of the Catapult Kate. If we can introduce that Catapult Kate to the right lender and let her establish a relationship with that lender, then there's a high likelihood that she'll get approved for a loan. Jessie: We went back and forth on Catapult Kate. We thought about calling her Potential Pete, but we need some more females in the mix. Catapult Kate, really though, the idea behind Catapult is she's just so close. She's just right there on the verge of being a Great Scott. She's right there on the verge of being an Excellent Eddie. There's just something missing. What we want to do is catapult her into that next level. Patrick: She clears the wall rather than slams into the wall. Jessie: That's right. We want to get her over that wall and get her the loan that she needs so that she can then go on with business and catapult her business. Patrick: Okay. We've gone over the seven personality types. Now I just want to talk business. Let's talk shop here for a second. First of all, I think the value of this particular episode of the podcast is that people are driving to and from work. They can actually project themselves into, "Okay, maybe I'm a Great Scott, I'm an Excellent Eddie, Start-Up Sally." Whoever they are, they can make that decision for themselves without embarrassing themselves in front of people before they go to a traditional bank. The thing that I like about this is you've done all the work for it. You've established all these relationships with the alternative lenders, the mainstream banks. Who am I missing here? Jessie: I think you're spot on there. What I would say is even if you're Bad Credit Billy or Start-Up Sally, you don't have anything to lose by coming to Lendio and seeing what options are out there. Patrick: It's free to do it. Jessie: You may think, "Oh, man. I'm a Bad Credit Billy and I'm not going to get approved for a loan." Our hope is to give you options. Here are some options. Some of those options may be, "Here's an option right now. You have one option and it is to get this loan and it's at a high interest rate." At the same time of you pursuing that loan, the other option is, "Maybe we have a partner that we can refer you to, to help you with your credit." Patrick: Because you've got all the relationships. Jessie: Yes. Maybe we can refer you to a partner that says, "Okay. Let's look at your personal credit score. Let's figure out what happened. Let's figure out if there are any inaccuracies that we can correct or things that we can do to help you improve your credit score to move from a Bad Credit Billy to maybe a Catapult Kate." Patrick: Do you offer credit repair as well, just in case? Jessie: We don't, no. We have partners that we can refer people to that are in that situation, but we're not going to do it at Lendio. We are only going to focus on the loan. We're not going to offer any other services to the business owner. We have great partners. We have LegalZoom who helps with incorporation. We have Dun & Bradstreet who helps with business credit and others that help with personal credit. We can refer you to a partner if that's the situation. Patrick: As we start to wrap up, let's just continue with the shop talk here for a second. Let's say someone is listening in to this podcast in their car right now, they're running on the treadmill, or they're out running some place. Walk us through the whole process. They just go to Lendio.com. On the main page, if memory serves, I think it says "Get Started." I don't remember what the exact verbiage was. How long does it take and then how quickly will offers, assuming that offers are made, start appearing in their inbox from which they can select? Brock: You go to Lendio.com. There's some links there that say sign up or pursue a loan or something like that. Jessie: Find your loan. Brock: It would probably take them three to four minutes to fill out their loan profile, at a minimum. Patrick: That's free, no charge. Brock: It's free. Right after you fill out your loan profile, we're going to give you options. You'll see the lenders you're matched to. Once you're matched to them, those lenders will start reaching out to you. You don't even have to reach out to them. They'll call you up on the phone and say, "Hey, I got your profile information from Lendio. I think we have an option for you." Then you start that interaction between those lenders who are now competing to get your business. Patrick: You've just matched somebody, and then it's up to the business owner and whoever they got matched up with to continue that relationship? Brock: Yes. They can find out the details from the lender and they can pursue it or not pursue it. We're going to try and put them in touch with the right lender as soon as possible and let them start interacting on trying to get the loan approved. Patrick: Brock, I know I've said this to you before, but it was months ago. I really hope this thing... I know that it's growing. I know that it's doing well, but, man, I hope you guys hit mainstream on this. I think this is a market that's completely underserved. Brock: Thank you. Patrick: Good podcast today. Be sure to fill out your profile on Lendio.com. I guess if people want to call, how do they get a hold of Lendio? Brock: It's 855-8-LENDIO. Patrick: It's toll free. 855-8-LENDIO. Brock: Yes. We have loan specialists who can answer questions. Patrick: Okay. Excellent Eddie, Great Scott A and B, Bad Credit Billy, Small Loan Sam, Start-Up Sally, Fighting Fabio, and Catapult Kate. Those are your borrower DNA profiles. Guys, let's go ahead and wrap it up here. Terrific job today. Brock: Thanks for having us in the studio again. It's nice to be back. Patrick: We'll go ahead and wrap it up. Jessie Warner, who is the director of demand management, Dr. J, chief marketing specialist, director of marketing science, and director of persona development, all in one man. Jessie: All thanks to Dan. All those titles. Patrick: That sounds like a schizophrenic right there. Jessie: Well, I've got a little bit of bad credit in me. A little Billy, a little Eddie inside too. Patrick: Dan Bischoff, director of communications, he's to my left. He's off mic right now. Always good to see you. Dan: You, too. Patrick: Brock Blake, the CEO of Lendio. It's good to have you here. Brock: My pleasure. Patrick: For Jessie, Dan, Brock, I'm Patrick Wiscombe. Remember, you can pick up the podcast on Lendio.com/blog. You can also pick it up on my website PatrickWiscombe.com. You can also pick it up on ABC4.com and KNRS.com on my page. For Jessie, Dan, Brock, I'm Patrick. Thanks for listening. We'll talk to you next week. See you. Announcer: Making business loans simple, this has been the Entrepreneur Addiction Podcast. Helping you secure the capital you need, with your hosts Brock Blake, Dan Bischoff, and Patrick Wiscombe. Heard exclusively on Lendio.com.