Jan 19, 2021
Lendio Local named No. 1 Financial Services brand four years running
LEHI, Utah — January 19, 2021 — Lendio, the nation’s leading financial solutions provider for small businesses, recently ranked in Entrepreneur magazine’s Franchise 500®, the world’s most comprehensive franchise ranking. Placement in the Franchise 500® is a highly sought-after honor in the franchise industry, making it one of the company’s most competitive rankings ever. This marks Lendio Local’s fourth year in a row on the list and as the No. 1 brand in the Financial Services category.
“Being ranked among the world’s best franchise programs is an incredible honor,” said Mark Cottle, SVP of Lendio Local. “To be ranked consistently every year demonstrates both the power of Lendio’s process and also the commitment of our franchisees. This dedicated group is not only devoted to helping other business owners access the capital they need, but also to enhancing their communities by playing a critical role in the economic recovery process.”
When the economic effects of the pandemic threatened to shutter many small businesses, Lendio quickly pivoted its franchisees to facilitating Paycheck Protection Program (PPP) loans—COVID-19 relief funds set aside by the government to help small businesses. In doing so, Lendio helped its entire franchise unit stay operational and profitable, while also enabling franchisees to have a significant economic impact on their local business communities. In all, Lendio’s franchisees helped over 7,000 small business owners access $425 million in PPP loans.
“Our franchise program, and our franchisees in particular, have become an integral part of Lendio’s business,” said Brock Blake, CEO and co-founder of Lendio. “And in a year that stretched the nation’s small businesses to their limits, our franchisees stepped up to the plate, not only to save their own businesses but also to save their clients and their communities.”
“I love that I am contributing to the success of local businesses,” said Dan Davis, owner of Lendio Seattle. “I can step in when business owners are not able to be helped by their bank to meet their current lending needs. Business banker connections of mine refer clients to me often because they know that our marketplace has many options to help their clients get the money they need for their business health and growth.”
“2020 was a challenging year for everyone, but it was also a year of unusual opportunity,” says Jason Feifer, Entrepreneur editor-in-chief. “Franchises were able to be nimble and innovative, serving the needs of franchisees and customers in ways that will resonate for many years to come. We believe that, when we eventually look back on this time, we’ll see it as a moment when many brands defined themselves for the future.”
In Entrepreneur’s continuing effort to best understand and evaluate the ever-changing franchise marketplace, the company’s 42-year-old ranking formula continues to evolve as well. The key factors that go into the evaluation include costs and fees, size and growth, support, brand strength and financial strength and stability. Each franchise is given a cumulative score based on an analysis of more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
To view Lendio in the full ranking, visit www.entrepreneur.com/franchise500. Results can also be seen in the January/February 2021 issue of Entrepreneur, available on newsstands January 26th.
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.
Spencer has spent the last ten years in the throes of all things marketing and communications. In the past, he has written for companies and clients spanning restaurants to SAAS companies, and entertainment guilds to yoga studios. Spencer has a B.S. in Communications from the University of Utah. When not writing or working, he can be found in the mountains on a hike, in a movie theater with a tub of popcorn, or on stage at a local theater.
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