Lendio now gives business owners access to local business loans in 35 states across the country
SALT LAKE CITY — Lendio has added more than 40 banks and credit unions in the last 30 days to its fast-growing lender network.
In addition to its national lenders, Lendio now has financial institutions in 35 states ready to provide small business loans across the country.
“Many lenders focus on local relationships with business owners. With these additions, business owners in these states will have a much better chance at getting the capital they need.” said Brad Hagen, vice president of lender partners.
Lendio, an online service that is solving the business loan crisis in America by matching business owners with viable business financing, currently has more than 3,000 possible loan options in its network.
“Our technology is instantly matching borrowers with the best fit from all these lenders,” said Brock Blake, Lendio CEO. “This is significantly increasing loan approval rates across the country.”
Blake says those approval rates are about five to seven times the national approval rate.
“Let’s face it,” Blake said, “It’s tough for most businesses to get a loan right now through traditional methods. That’s because lenders aren’t finding the right borrowers and vice versa. And many borrowers don’t know there are so many options available.”
Since Lendio’s technology was launched in March of this year, there have been more than $4 billion in business financing requested through its system. Along with traditional loans from banks and credit unions, Lendio also helps people find alternative business loans, such as peer-to-peer, AR and PO financing, equipment loans, and microloans.
“As we continue to bring on more lenders, we’re confident we’ll be able to help even more business owners increase their chances of getting approved for a small business loan,” Blake said. “In an even bigger picture, Lendio is proving to be a solution to drive more capital to Main Street businesses.”
Lendio helps lenders decrease customer acquisition costs and increase lending efficiencies by providing qualified loan opportunities to banks, credit unions, and lenders across the country. Through a proprietary matching technology, Lendio helps lenders efficiently identify and attract new customers that have already been filtered, qualified, and verified to meet the lender’s specific criteria (i.e. personal credit, business credit, or other important underwriting criteria).
Lendio also guides the business owner to help identify the business loan category and specific lenders that offer the highest probability of securing a business loan. For more information, email press(at)lendio.com.