SMB Economic Insights report reveals an uptick in loans to business owners under age 44 SILICON SLOPES, Utah – October 22, 2019 – Lendio, the nation’s largest marketplace for small business loans, today released its SMB Economic Insights report for Q3 2019. The report shows small business loan demand shot up 43% over the previous three-quarter average, and in 40 states, business owners took out more loans this quarter than the previous three. The report also reveals an increase in the number of loans to business owners under age 44. Additional key findings from Q3 2019 (based on growth over the previous three-quarter average): \tDemand for small business loans increased in all 50 states and Washington D.C. \tSmall business owners borrowed 14% more money in Q3. \tThe number of small business borrowers under age 44 increased in 28 states. The number grew by 7% nationwide. \tBusiness owners under 34 are not far behind their older peers. The number of borrowers in this group increased in 22 states. \tNationally, the average age of borrowers is 46. https://www.youtube.com/watch?v3JLGcXzbwKc&featureyoutu.be “Managing their cash flow and finding loans are consistently top of mind for small business owners,” said Brock Blake, CEO and founder of Lendio. “This quarter’s report indicates that business owners are finding more success in both arenas—even younger business owners that have previously experienced financing shortfalls.” Findings from the report also indicate newer businesses are taking out loans. The average time in business for a borrower is 7.8 years, down from 8.3 in the same quarter last year. Small businesses are more lucrative as well. Average annual revenues are up 10% over the previous three-quarter average, coming in at $766,960. Small business owners’ average personal income increased 4% over the previous three-quarter average, coming in at $94,475. Additionally, small business owners are more qualified for credit. While the average credit score fell slightly from 667 in Q2 to 664 in Q3, other factors improved. The percentage of business owners with a bankruptcy decreased 5% from the previous three-quarter average. Business owners also reported fewer cash negative days—less than two on average. This represents a 16% decrease from the previous three-quarter average. Lendio’s SMB Economic Insights report shines a light on the financial health and borrowing habits of small businesses in all 50 states. From the most funded industries to the most common uses of funds, the report highlights the trends currently impacting small business lending. To view and download a full report for all 50 states and the District of Columbia, visit www.lendio.com/quarterly-reports/. About SMB Economic Insights The SMB Economic Insights report is based on data provided by more than 8,500 small business owners who submitted applications through Lendio’s marketplace between July 1 and September 30, 2019. Data collected includes the total amount funded, average loan size, business industry, age, gender, credit score, number of bankruptcies and more.