Lendio announces that its basic service, once $99 a month, is now free for business owners trying to secure small business loans.
SALT LAKE CITY — Capital-seeking business owners can now get matched to the right small business loans nationwide for free through Lendio.com.
In eight months after launching, Lendio, an online company helping business owners find viable business financing, announced today its basic service is free for business owners.
“You can now get matched to the best business loans across the country without paying a cent,” said Brock Blake, Lendio’s chief executive.
Lendio’s basic service used to be a $99 monthly membership.
“We reached a point where we can now offer this service for free,” Blake said. “It’s something we’ve been wanting to do since the beginning, and we finally pulled the trigger. By making it free, it provides a great value for business owners who are in need of capital.”
The basic Lendio membership allows business owners to:
- Be instantly matched to more than 3,000 loans products
- Apply for business loans on site
- Receive loan approval updates in real time
“Basically, people can use us to save a ton of time comparing and applying to multiple lenders,” said Zach Richardson, vice president of product. “In one spot, people can create a membership, compare data about each loan type — like interest rates, loan amounts, time to funding — and then see which loans and lenders will give them the best chance for approval.”
In the last 8 months, Lendio customers have requested more than $4 billion in loans, and approval rates range between 50-70 percent. In the last 30 days, Lendio has added 40 local banks in 35 states, which offers local business loans to most of the country. In addition to the growing base of local community banks, Lendio boasts many national, regional and state-wide lenders.
“We hope this free membership will help qualified businesses that have been struggling to secure financing, obtain the capital they need,” Blake said.
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Lendio makes business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources. Through a proprietary matching technology, Lendio assists a business owner to identify the business loan category and specific lenders that offer the highest probability for that business owner to prepare for and secure a business loan approval.
Lendio is venture-backed by Highway 12 Ventures and Tribeca Venture Partners. For more information, contact Lendio at press(at)lendio(dot)com.