Sep 24, 2019
The expansion will allow the company to better meet the growing capital needs of small businesses across the U.S.
SILICON SLOPES, Utah – September 24, 2019 – Lendio today announced plans to double the sales force at its Lehi, Utah, and Woodbury, New York, offices. The company has hired 80 employees in 2019, and intends to add another 40 sales representatives by the end of the year, with plans to bring on another 40 in the first quarter of 2020. In addition to the expanding workforce, Lendio plans to bolster its selection of loan products for small businesses, with a 10% increase in the number of product offerings in the coming year.
Lendio is a free online service that helps small business owners find the right loans for their diverse needs. Founded in 2011 by Brock Blake and Trent Miskin, it is now the nation’s largest small business loan marketplace. To-date, Lendio has facilitated over $1.5B in financing through more than 85,000 small business loans, and has become a trusted advocate for small business owners seeking to understand their financing options. Lendio moved its headquarters to Lehi, Utah, in May to accommodate a growing workforce and expansion of services.
Lendio’s sales organization is unique in terms of compensation structure, conversion rates, opportunities for advancement and employee retention. Sales reps receive uncapped commissions and paid residuals on renewals, as well as a commission pass to encourage taking time off. Over the last four years, sales representatives’ compensation has increased 21% year-over-year on average, with top reps’ compensation increasing nearly 40%. Sales conversion rates at Lendio are well above the industry average, while the employee turnover rate is well below. In the last two years, the company has promoted 30% of its sales personnel to team lead, manager, director and VP roles within the organization.
“I’ve been at Lendio for over four years now and this is the most unique sales position I’ve ever found,” said Tom Keetch, Senior Funding Manager. “I was initially drawn to the way leads are delivered right to my desk—no more cold calling. It’s easy to come in here and do really well out of the gate. The people, atmosphere and earning potential at Lendio are unmatched anywhere else.”
The company’s recent expansion and plans for growth are a direct response to the growing demand for capital among small business owners in the U.S. Lendio’s SMB Economic Insights report shows the demand for business loans in Q2 2019 increased by 57% over the previous three-quarter average. Additionally, more and more business owners are looking to online lending to meet their unique capital needs. According to the Federal Reserve 2019 Small Business Credit Survey, the number of applicants turning to online lenders has nearly doubled since 2016.
“Business owners are hungry for growth capital,” said Brock Blake, CEO and founder of Lendio. “But they have unique requirements. Lendio’s specialized sales team takes the high-tech, high-touch approach to facilitating funding. They offer business owners a quick, tech-driven application and loan matching process, but also provide a hands-on, consultative service to help them select the best loan.”
“Whether a health care provider or restaurateur, every small business owner has diverse and ever-changing capital needs,” said Denada Ramnishta, SVP of Lender & Partner Strategy at Lendio. “Today’s online lenders are more specialized than ever before, and therefore better able to meet these needs. Lendio is committed to expanding its loan product offerings to facilitate the perfect match for every business.”
A recruiting event will be held in partnership with Indeed.com at Lendio headquarters in Lehi, Utah, on Tuesday, October 1, from 5:30 to 8 p.m. Interested applicants can interact with Lendio sales representatives and leadership, as well as participate in on-the-spot interviews. An invitation-only recruiting event will be held Tuesday, October 8, from 5:30 to 8 p.m. at the Lendio office in Woodbury, New York.
Lendio is the nation’s leading small business loan marketplace. With its diverse network of lenders, Lendio enables small business owners to apply for multiple loan products with a single application. To date, Lendio has facilitated over 200,000 small business loans for $10 billion in total funding, including $8 billion in PPP loan approvals as part of government COVID-19 relief. Lendio is a values-driven organization striving to provide equal access to capital to underserved communities and America’s smallest businesses. For every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund—provides a microloan to a low-income entrepreneur around the world.
As a reporter and editor, Melanie has written about everything from retail and tourism trends to economic development for regional newspapers, trade publications, and national magazines. As Lendio’s Director of Public Relations, she specializes in reporting fintech industry news and its impact on American small businesses. Melanie has a B.A. in Journalism from Brigham Young University. She is also a backpacker, runner, and mom of four.
Address: 4100 N. Chapel Ridge Rd. Ste. 500, Lehi, UT 84043
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