Small business owners in the region also report increases in revenue and personal income in Q3 2019 SILICON SLOPES, Utah – December 16, 2019 – Lendio, the nation’s largest marketplace for business loans, today released its second regional report with findings based on small businesses in the South Atlantic states. According to the report, in Q3 the region saw the highest percentage of growth in small business loan demand in the nation. The report also shows that for the fourth quarter in a row, South Atlantic business owners took on more business capital than those in any other region. The findings, based on loan application data submitted through Lendio’s online platform, show a 50% increase in loan inquiries, a 21% increase in total loan dollars funded and an 18% increase in the number of loans funded in the region over the previous three-quarter average. Of the eight states and one district the South Atlantic region, six are among the top ten in the nation for growth in small business loan demand in Q3: Delaware (No. 2), West Virginia (No. 3), Georgia (No. 5), D.C. (No. 7), Florida (No. 8) and Virginia (No. 9). Other key findings from the report show that in Q3: \tBusinesses in the South Atlantic region saw an 11% increase in annual revenue, the second-highest rate of growth in the nation. \tSouth Atlantic business owners’ personal incomes grew by 5%, with an average personal income of $93,998. \tSouth Atlantic business owners have the second-lowest average credit score in the nation. However, there is a wide range. Owners in Washington D.C. have the third-highest average credit score in the nation while those in West Virginia have the third-lowest. From Q4 2018 to Q3 2019, the South Atlantic region had the highest percentage of female borrowers in the nation. While they’re taking on more loans, women still represent only two out of ten small business owners in the region. Borrowers in the South Atlantic region tend to be older as well. Only 12% of the business owners who took on loans in Q3 are 34 or younger, the lowest percentage in the nation. Finding working capital is a top concern for the region’s small businesses. One such business, Meat N’ Bone, has a subscription and invoice-based model, meaning cash flow can fluctuate depending on how quickly and regularly invoices get paid. “We are confident about our product, our customer service and our ability to deliver on our promise,” says Luis Mata, owner of the Florida-based butcher and meat supplier. “Our biggest worry is paying the bills on time, every time.” “The South Atlantic states are among the most diverse in the nation when it comes to small business. From farms and manufacturing firms to hospitality businesses and tech companies, small businesses are a vital part of the region’s culture and economy,” said Brock Blake, CEO and founder of Lendio. “Access to capital is imperative to small business growth, and the increase in loan dollars funded in the region will have a measurable impact on local economies.” *States and districts included in this report include Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia. 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 October 1, 2018 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.