Lendio, the online leader* helping Main Street business owners secure financing, today announced record year-over-year revenue growth of 97 percent for the first quarter of 2013. Their strong growth is fueled by the addition of lenders that specialize in small business lending.
During Q1, 62 new lenders — including banks, credit unions, and alternative lenders joined the Lendio platform. By completing a brief loan profile, small business borrowers are matched to the 62 new and many other participating lenders based upon criteria established by the lenders.
“We’re thrilled with the record growth numbers we’ve achieved. It’s exciting to see our lender network continue to expand while at the same time provide more options for Main Street business owners to get the financing that they need,” said Brock Blake, Founder and CEO of Lendio. “We’re grateful to our partners that support us and work so tirelessly to help fuel the American Dream and fund Main Street businesses across the country.”
Some other key milestones and notable achievements in Q1 2013 include:
A collaboration with Experian Business Information Systems: Working together with Experian, we’re helping small business owners save the time and money associated with trudging from bank to bank looking for a small business loan by providing a one-stop-shop to manage their credit and fund expansion and operations.
Year-over-year customer growth: Despite what is regularly reported in the media, small business owners are actively looking for funding. Customer growth for Q1 2013 was up 168% at Lendio when compared to 2012—demonstrating a significant increase in demand.
National recognition: A Lendio case study featuring one of Lendio’s small business customers, Losina Art Center, was published in the April 2013 issue of Entrepreneur Magazine. “We needed to take out a small business loan to build our business,” said Olya Losina. “What interested us about Lendio is that they didn’t look at equity; they looked at the cash flow. And we could show that.”
The Losina Art Center story resonates with a lot of small business owners who find themselves in the same place. “It was a simple process,” she said. “We filled out a quick questionnaire and Lendio got us in touch with qualified lenders without us having to research and qualify them ourselves. This definitely helped save us time.”
Business owners across the United States can find a small business loan by creating a free Lendio profile. Within minutes, the business owner will be matched to a business loan option that will meet their needs and objectives.
*Based on volume of monthly visitors according compete.com