Small business owners using the Lendio loan platform increased 1,153 percent year over year in Q2
Lendio announces a successful Q2 with a record number of small businesses (a year over year increase of 1,153 percent) getting financing through their small business loan platform. By successfully connecting the business owner to lenders, Lendio solves critical business financing needs that include hiring new employees, marketing and the purchase of new equipment.
“I went to Lendio.com,” said Mike Lacey, CEO of Highland Custom Homes. “The whole process was easy. I completed a profile and in seconds I was connected to lenders willing to finance my business growth.”
The challenges of financing main street businesses are a way of life for many small business owners. Lendio makes a vital connection for small business owners and the financial institutions they need to finance operations and growth—dramatically simplifying the process for both borrowers and lenders.
“In my opinion, Lendio has been a great success,” said Joseph Bator, a Senior Vice President of Eastern Bank, located in Boston MA. “They provide us the ability to meet with new borrowers every month. It’s highly unlikely we would have met any of these borrowers without Lendio.”
Main Street businesses need financing for a number of reasons. A recent informal poll (conducted by Lendio) identified the top three reasons many business owners look for financing:
1. Hire new employees
2. Increase marketing efforts
3. Purchase new equipment to meet expansion needs
“Our mission is to help business owners solve one of the biggest challenges they face every day—financing growth and locating working capital,” said Brock Blake, Lendio CEO. “During Q2, 20 percent of the business leaders using Lendio were seeking financing for expansion and 42 percent were seeking working capital. Our goal is to make that process as easy as possible for both the business owner and the financial institutions.”
Business owners across the United States can take advantage of this platform by creating a free Lendio profile. Within minutes, the business owner will be matched to a business loan option that can help their business grow.