Grants up to $50,000 will be given to assist Lendio customers facing economic hardship due to COVID-19
LEHI, Utah – June 22, 2020 – Lendio, the nation’s leading marketplace for small business loans, has announced a $200,000 grant program aimed at helping its small business customers begin the process of reopening, rebuilding and rehiring.
Over the course of the COVID-19 pandemic, shutdowns have taken a particularly hard economic toll on small businesses. In spite of the challenges they face, many small business owners are working to keep employees on payroll and to give back within their communities. As part of its mission to support small businesses across the country, Lendio will give grants in denominations of up to $50,000 to assist its customers who have been hardest hit, including those who provide jobs and create a sense of unity in their towns and cities.
“When the situation was most dire, small business owners from all walks of life stepped up in order to provide for their employees, their families, and their communities at large,” said Brock Blake, CEO and co-founder of Lendio. “It’s been inspiring to witness, and we believe these business owners deserve to be recognized.”
Lendio began facilitating Paycheck Protection Program (PPP) loans when the program began on April 3, 2020. The company has since helped over 100,000 small business owners access more than $8 billion in government relief funding, including many of the nation’s smallest businesses. While nationally the average loan size for the PPP is around $114,000, the average loan size for Lendio applicants is $65,000.
Of all the small businesses in the U.S., minority-owned and very small businesses are among the hardest hit by the pandemic. These business owners, many of whom do not have a previous SBA lender relationship, are also more likely to be disadvantaged when seeking relief funding in the form of PPP loans.
“Many minority- and women-owned businesses, as well as those in underserved communities, have struggled particularly hard during this time,” continued Blake. “These are among the most valuable businesses in any given community. We at Lendio want to reaffirm our support for our small business customers by offering these grants to help them get back on their feet.”
The grants will be given in various denominations ranging from $5,000 to $50,000 to Lendio’s small business customers across the country in a variety of industries. Business owners interested in applying can visit lendio.com/business-grants for requirement and application information.