Lendio and TAB Bank join forces to help business owners have better access and more options to obtain equipment financing and working capital.
SALT LAKE CITY – Lendio, an online service helping business owners find viable small business loans and other sources of capital, announced today it has added TAB Bank to its network of lenders.
“Business owners looking for extra funds now have more options to find working capital and equipment financing,” said Brock Blake, Lendio CEO. “TAB does an excellent job in providing funding for all stages of a business.”
“There are many small business owners in the country that are hurting because they struggle to find the right funding,” Blake said. “This partnership will help those entrepreneurs find exactly what they need to grow their business.”
Lendio is like a Match.com of sorts for business owners and lenders, which has significantly helped lenders find qualified business owners for their loan products. In the past three months, more than $1 billion in business loans has been requested through the Lendio system. So far, approval rates are about five-to-seven times that of the national average.
“TAB Bank is excited to be working with Lendio. We believe Lendio will help us be even more efficient in matching our specific commercial loan products to the right business borrowers across the country,” said Eric Myers, Director of Marketing at TAB Bank.
About TAB Bank
TAB Bank was established in October 1998 in Ogden, Utah. Originally formed to provide financial services to the transportation industry, today TAB provides working capital facilities to a variety of business sectors while continuing to build on success within the transportation industry. TAB Bank customizes solutions to serve the needs of small and medium-sized commercial businesses across the U.S. With lasting commitments, TAB provides working capital, equipment financing, and bank services during all stages of the business life cycle in any economic environment. TAB provides these solutions through Accounts Receivable Financing, Lines of Credit, Equipment Loans, Asset Based Loans, Rediscount / Re-factoring Lines, and specific deposit products.
Lendio helps lenders to 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 provides lenders the ability to 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 businesses that are not good candidates to obtain a business loan, Lendio also provides services that prepare them to be lender-ready.