Lendio in the news

The Paycheck Protection Program has been a vital lifeline for businesses during the pandemic, providing close to $520 billion in aid to more than 5 million businesses. The premise of the program is to provide recipients with cash infusions to help pay their employees and qualified expenses such as rent, with the promise that in many cases, the loans will be forgiven.

Brock Blake runs Lendio, the largest marketplace for small business loans in America. We can all thank him for making the government’s COVID-19 PPP loan program reach the small business owners on Main Street.

We live in an era where technology goes hand in hand with business. It impacts the pace at which businesses grow and it remains interesting to see trends that will emerge from some of these technologies. A good example is the emergence of chatbots that help in the instant messaging of customers/clients.

Lendio CEO Brock Blake doesn’t remember where or how he saw it, he just knows what his immediate reaction was when he found out that MX — a fellow financial technology company located just across I-15 in Lehi — had developed an open-source code to simplify Paycheck Protection Program loan applications.

After having to shut their doors due to the coronavirus pandemic, an Aloha day center for youth and adults who live with intellectual and developmental disabilities is getting some much-needed funding.

Lendio, a marketplace for small business loans, has partnered with Web.com Group, a web technology firm, according to a release.

Through the partnership with Lendio, Web.com Group will provide its customers with access to capital.

Earlier this week the Small Business Administration and U.S. Treasury Department released a list of recipients from the government’s Paycheck Protection Program (PPP), which so far has allocated $521 billion of the $670 billion approved by Congress under the CARES Act to nearly 659,000 borrowers.

Many industries have suffered severe financial losses due to the coronavirus lockdown – perhaps none more so than the restaurant industry. Lendio recently gathered statistics on the $8 billion in PPP loan approvals that we helped facilitate for 100,000 small businesses.

Over the past three months, my team and I have been nearly 100% dedicated to Paycheck Protection Program (PPP) loans. When most individuals were quarantined to their homes, increasing the time spent with loved ones, our families were neglected as we spent thousands of hours adding PPP lenders to our marketplace, building PPP loan application technology from scratch and helping 100,000 small businesses save their American dream.

The Financial Technology Report is pleased to announce the Top 50 Financial Technology CEOs of 2020. These exceptional executives lead some of the most prominent financial technology companies across the globe and have helped define many of the wide scale advancements the industry has undergone over recent years.

At Lendio, our unofficial tagline has always been “Fuel the American dream.” Since the country shut down, we’ve been working furiously to bridge the gap between lending institutions and small businesses in need of relief funds. Like so many others, we’ve pivoted sharply in an effort to save the American dream.

Your creditworthiness is a measure of your credit score, income, debt-to-income ratio and any past financial fails you’ve experienced – and depending on what type of credit you’re applying for, the lender might want to see a some or all of those things.

As a part of our series about “dreamers who ignored the naysayers and did what others said was impossible,’’ I had the pleasure of interviewing Brock Blake.

Brock Blake is the CEO and founder of Lendio, the largest online marketplace of small business loans in the U.S.

Small business demand for government relief is at record levels. Bigger banks, for the most part, have forsaken SMBs. Smaller banks and fintechs have emerged to service small and medium businesses with streamlined loan processes, technology, and new onboarding tools.

As the economy takes small steps to reopen, what are the biggest issues facing owner-operators and small fleets? As Overdrive posed that question in May reader polling about coronavirus topics, two related responses stood out: freight pricing and cash flow.

Banks and industry groups say a new rescue lending program for small businesses is off to a rocky start and may fall far short of what firms need to stay afloat during the economic fallout from the coronavirus.

NEW YORK (AP) — Small business owners hoping for quick loans from the government were in a holding pattern Monday — waiting on their bank to either take their application or, if it did, send them the money.

Business owners began submitting applications to banks, credit unions and other financial institutions late last week, or at least trying to. If successful, owners received notifications that their applications had been received, but for many, there was no further word by Monday afternoon.

Welcome to the new world of working from home. Sure, there’s no commute, but there’s also no barista, no going out for lunch, no reason to get dressed up. What we’re discovering is that it can be awkward, but also full of heart and, sometimes, even funny.

Lenders are raising serious concerns about the Payroll Protection Program, which was scheduled to launch Friday, citing a lack of information from the government on how and if the emergency loan program will even work.

Business owners have been eagerly anticipating a $349 billion loan program meant to cushion the economic blow of the coronavirus pandemic.

Some will have to wait a little longer.

For days, Treasury Secretary Steven Mnuchin has promised Friday would be the day a massive loan program for small businesses kicks into gear.

Friday is now here.

The federal government’s $350 billion small business loan program got off to a rocky start Friday, with some of the nation’s biggest lenders saying they weren’t yet able to process loan applications, discouraging business owners struggling to stay afloat.

The launch of a $349 billion loan program that is key to the government’s hopes of helping the nation’s small businesses survive the economic downturn got off to a rocky start Friday as the big banks in charge of doling out the money said they weren’t prepared or were limiting applicants to their closest customers.

Brock Blake ruled BusinessQ’s cover way back in 2008. It was our annual 40 Under 40 feature, and this particular editorial boasted a school theme for the cool kids around town.

A $349 billion relief program to help small businesses cover their payroll costs for up to eight weeks will be “up and running tomorrow,” Treasury Secretary Steven Mnuchin said at the White House briefing on Thursday.