South Jordan, UT – May 6, 2016 – In honor of National Small Business Week, Lendio, the nation’s leading marketplace for small business loans, today announced the top ten states for small business funding, based on lending data from the Lendio platform which matches businesses with more than 70 lenders:
National Small Business Week is held each year to celebrate how small business owners and entrepreneurs contribute to the development of the American economy.
“We’re excited to see that entrepreneurs are accessing capital from the small business lending community in order to create and sustain business growth,” said Brock Blake, CEO and co-founder, Lendio. “Two of every three jobs made available in the country each year are made possible because of small businesses. It’s a privilege to be part of the ecosystem that’s helping support the economy.”
Small business owner Tim Thyberg, Twisted Metal Collision Center, noted, “Lendio helped us when we found that we suddenly had to move our business. They helped us get the money we needed very quickly in order to make the transition smooth and without down time. Without their help, I don’t know if we would have been able to stay open. Now we are growing faster than ever.”
Lendio released an infographic each day this week highlighting key small business statistics on each of the top five states, counting down to number one Vermont. Among the top five states, the average loan size ranged from $14,500 in Vermont to $39,000 in Utah. The approval ratio for loans ranged from 52 percent in California to 68 percent in Vermont, compared to [33 percent] to [34 percent] at large banks in each state, according to the 2015 Small Business Credit Survey (SBCS).
“Over half of Americans either own their business or work for a small business, which means this segment of the market creates more jobs than any other industry,” Blake added. “We thought highlighting the way alternative lending sources have helped small businesses grow was a great way to celebrate.”
In 2015 alone, Lendio facilitated over $128 million in financing for more than 5,100 small business owners in all 50 states. The ranking is based on a sampling of thousands of Lendio’s small business owners from April 2015 to April 2016.
Lendio is a free online service that helps business owners find the right small business loans within minutes. The center of small business lending, our passion is fueling the American Dream by uniting the small business loan industry and bringing all options together in one place, from short-term specialty financing to long-term low-interest traditional loans. Our technology makes small business lending simple, decreasing the amount of time and effort it takes to secure funding. More information about Lendio is available at www.lendio.com.