Jun 22, 2020

Lendio to Distribute $200,000 in Grants to Underserved Small Business Owners

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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.

About Lendio

Lendio is the nation’s leading small business finance solution provider. 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 more than 300,000 small business loans for more than $11.8 billion in total funding, including $9.8 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. More information about Lendio is available at www.lendio.com.

About the Author

Spencer Anopol

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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