Holiday Message from Lendio’s CEO

Dear Business Owner,

Ten years ago, Trent Miskin and I dreamed of building a small business that would support other small businesses, but we weren’t exactly sure what it would be. So we asked business owners what they needed most. Their answer was almost always “money.”

Our mission was born.

We knew Lendio would always put small businesses first. We were determined to offer something beyond a paper-first loan application or a simple algorithm to match businesses with capital. We developed ways to simplify financing so applicants wouldn’t wonder if their funds would be available in time and included unique financing options to help business owners without long or perfect credit histories.

That mission is why we work with 75+ lenders today and why we supported the Paycheck Protection Program earlier this year. PPP loans were the lifeline that Main Street businesses across the U.S. needed most at the time. We were proud to facilitate them.

I’m an optimistic person, but when winning is gauged simply by staying afloat, the outlook can seem a little grim. Still, by mid-2021, things were looking up. Now, at year’s end, we can fully appreciate how far we’ve all come together:

  • Lendio facilitated more than 200,000 PPP loans totaling over $10 billion, which helped secure 2.8 million jobs nationwide.
  • Access to capital became a reality for more small business owners. By April 2021, for example, 37% of Lendio’s first-draw PPP borrowers were women and 24% of first-draw borrowers were Black business owners.
  • Across all online-lenders, Black business owners were 12% more likely to be approved for a PPP loan than through a community bank.
  • More than 4 million employers filed applications to start new businesses between January and September 2021—almost 2x the number filed in 2011, Lendio’s first year of business.
  • Updates to Sunrise, our free cash flow management tool, now allows small businesses to automate financial management tasks. I hope you’ll give it a try (for free).

The outlook for 2022 is strong with 5.5% growth predicted in GDP and consumer spending forecast to increase 4.7%. As we talk to business owners today, it’s clear that your confidence is high. Our lenders are back and anxious to lend. We’re looking forward to working alongside you to help you access capital and fuel your American Dream in 2022!

Seasons greetings!
Brock Blake, CEO and co-founder, Lendio

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