Partnership gives creditworthy entrepreneurs alternatives to traditional small business loans
SALT LAKE CITY and SAN FRANCISCO -– Lendio, an online service helping business owners find viable business loans and other sources of capital, today announced a partnership with Lending Club, the leading platform for investing in and obtaining personal loans, to help creditworthy entrepreneurs obtain financing for their small businesses.
“This partnership will enable more business owners to gain access to badly needed capital that they can’t get from traditional lending,” said Brock Blake, Lendio CEO. “Lending Club has a strong, respected history, and has already added significant value for our customers.”
Lending Club, which focuses on prime and super-prime borrowers with a strong credit history, will offer loans of up to $35,000 for that segment of Lendio’s users. Lending Club is transforming consumer lending by providing a platform that enables creditworthy borrowers to obtain fixed-rate, low-interest loans that are funded by investors.
Lendio’s technology instantly matches business owners with the right loans and lenders. Since Lendio launched its technology last March, more than $2 billion in business loans have been requested. So far, the loan approval rate is about 50-70 percent higher than the national rate. The partnership with Lending Club will enable Lendio to approve even more loan requests from prime borrowers.
“At a time when business loans are decreasing nationwide, Lendio is helping small business owners and entrepreneurs boost their businesses with crucial financing,” said Renaud Laplanche, CEO of Lending Club. “We’re proud to join with Lendio to offer creditworthy entrepreneurs a low-interest option for funding their businesses.”
About Lending Club
Lending Club brings together investors and creditworthy borrowers, utilizing technology and automation to reduce the cost and complexity of traditional lending in order to offer borrowers better rates and investors better returns. Founded in 2006 and based in San Francisco, CA, Lending Club has been recognized for its results and innovation by the Harvard Business Review and Dow Jones and featured in major publications, television and radio shows. More information is available at: http://www.lendingclub.com.
Additional information about Lending Club is available in the prospectus for Lending Club’s notes, which can be obtained on Lending Club’s website at https://www.lendingclub.com/info/prospectus.action.
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 helps business owners identify the loan type and specific lenders that offer the highest probability for that business owner to prepare for and secure a business loan approval. For more information, contact Lendio at press(at)lendio(dot)com.
For Lending Club:
Rebekah (at) atomicpr.com
Dan.bischoff (at) lendio.com