Lendio in the news

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.

This morning Karl Woolfenden, Publisher of Business Class News and Host of Link’d AM talked openly about what the options are for small businesses and he asked some question which if your are small business owner may find Brock’s answers very helpful and educational.

The Tech Tribune staff has compiled the very best tech startups in Utah. In doing our research, we considered several factors including but not limited to: Revenue potential, Leadership team, Brand/product traction, Competitive landscape.

Many owners fear taking on debt they are not sure they can repay and are looking to the federal government for more than low-interest disaster loans.

As the coronavirus pandemic rips through the U.S., people are doing their part to keep everyone safe, including through social distancing, abiding by local curfew laws and following shelter-in-place orders. While these adjustments are a necessary evil, it is wreaking havoc on small businesses, with quick-service and fast-casual restaurants in particular taking a major hit.

The coronavirus is sweeping across our nation and our world, with no end in sight. As people practice social distancing and self-quarantining, businesses – including those in manufacturing – are grappling with how to keep their doors open.

The COVID-19 pandemic is unlike any crisis we’ve faced in the past. The stock market has dropped tremendously over the past few weeks, the Federal Reserve has cut rates to almost zero, and many businesses have been forced to significantly change how they operate.

The number one mistake I see small business owners make is using bookkeeping for the sole purpose of looking back, not as a tool to look forward.

When you make everyone happy, you make no one happy. That’s the tough reality for brands who preach a friendly and inclusive product/space/environment. Fear has its time and place (for self-preservation), but if we let it govern our decision making, it can hold us back from marketing greatness.

Stating the current political climate in the U.S. is divided is an understatement. However, not everyone is as divided when it comes to certain issues. According to a new study from Lendio, this is the case for small business owners, who agree on matters affecting their ability to do business. Whether they are Team Red or Team Blue, overall business owners are optimistic.

Lendio plans on using part of $55 million in new capital to expand its new bookkeeping platform, Sunrise by Lendio, among other services to make funding more accessible to small business owners, it said Wednesday.

Most New Year’s resolutions tend to fall into one category: something you already should be doing.

Take exercise and healthy eating, for example. If you just did a little each day, you could end the year on a completely different note. But all too often, we set lofty goals and quickly abandon them.

Lendio, whose platform taps algorithms to match customers with lenders and secure loans, announced that it has raised $55 million. CEO Brock Blake says the influx of funds will bolster Lendio’s marketplace while enabling it to introduce new bookkeeping and lender service functions.

Lendio, a Lehi, Utah-based free online marketplace for small business loans, has secured $55 million in capital. That includes $31 million in equity led by Mercato Partners’ Traverse Fund and a $24 million debt facility from Signature Bank.

The funding round for the US fintech, which operates a marketplace for small business loans, included $31 million in equity led by Mercato Partners' Traverse Fund and a $24 million debt facility from Signature Bank, per a press release seen by Business Insider Intelligence.

Utah business loan innovator Lendio announced a fresh $55 million Series E funding round Thursday led by local venture investment firm Mercato Partners.