Jul 5, 2018
In less than five years, Lendio has helped fund nearly $120 million in growth capital for California’s small businesses
SILICON SLOPES, Utah – July 5, 2018 – Lendio, the nation’s leading marketplace for small business loans, today announced that it has helped facilitate nearly $120 million in growth capital through 5,000 loans to small businesses in California. Lendio helps fuel the American dream through its marketplace of over 75 small business lenders in all 50 states and parts of Canada. To-date, Lendio has funded more loans in California than in any other state. The funding milestone comes after a 169 percent increase in loans originated through the Lendio platform in California in the last fiscal year.
According to lending data from the Lendio platform, demand for small business loans in California increased 80 percent year-over-year from 2017 to 2018. The average loan size among Lendio’s small business customers in California increased 91 percent year-over-year from to $23,391 in 2017 to $44,602 in 2018. The top five California industries funded on Lendio’s marketplace include construction, retail, restaurants, healthcare and wholesale.
“Most business owners are not going to raise angel or investor capital, and unfortunately many of them don’t meet banks’ criteria for loans either,” said Brock Blake, CEO and founder of Lendio. “Lendio is pleased to be part of filling a critical financing gap for small business owners in California so they can continue to strengthen the state’s economy and create jobs.”
According to a Federal Reserve Bank of Cleveland report, nearly half of small businesses need additional funding each year; however, since 2008, it’s been a challenge for small business owners to access financial capital. Continued growth and innovation in online lending platforms is transforming the funding landscape. Lendio helps California small businesses get loans fast, with 70 percent of businesses getting loan offers within three days of submitting an application.
Sandy Lieberman, co-owner of Artemis Defense Institute in Lake Forest, California, says getting funds through Lendio not only helped her business grow, but also helped her protect her personal credit.
“We are a small business just into our third year and on the brink of moving to the next level; however, just like any other business, we struggle with cash flow issues and a few personal credit dings,” said Lieberman. “The Lendio program has been straightforward, and the guidance has lead to a successful first round of funding.”
For more information about Lendio, visit www.lendio.com.
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.
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