May 1, 2017
SILICON SLOPES, Utah – May 1, 2017 – In honor of National Small Business Week, Lendio, the nation’s leading marketplace for small business loans, today announced its second annual list of top 10 states for small business lending, based on lending data from the Lendio platform, which matches businesses with more than 75 lenders.
National Small Business Week is held each year to celebrate how small business owners and entrepreneurs contribute to the development of the American economy. More than half of Americans either own or work for a small business, and they create nearly two out of every three new jobs in the U.S. each year.
This year’s top states for small business lending are:
“There are more than 28 million small businesses serving as the engine of our economy,” said Brock Blake, CEO and founder of Lendio. “This list showcases entrepreneurs and what they do best – grow their businesses, create jobs and ensure that their communities remain as vibrant tomorrow as they are today.”
Utah small business owner Steve Childs, OneSource Software Solutions, explained that he needed funding to hire additional employees to move his company to the next level. “I was burdened by the thought of having to go out and jump through all the hoops in order to figure out which loan product was actually the best deal. I came across Lendio and was impressed that they represent over 75 different lenders. I connected with one of their funding managers who knew exactly which product best met my needs.”
In 2016, Lendio helped facilitate more than $240 million in funding in all 50 states, an 87 percent annual increase of loans originated through its platform. The ranking is based on a calculation of several key indicators from among thousands of Lendio’s customers from April 2016 to March 2017. Loans were made to entrepreneurs in diverse industries including retail, construction and manufacturing.
More information about the top 10 states, including the average loan size on the Lendio platform can be found below:
|2017 ranking||2016 ranking||No. SMBs in state*||No. SMB Employees*||Average Loan Size|
|1. Utah||3||268,872||540,268||$ 37,648|
|2. Washington||4||574,455||1,300,000||$ 24,746|
|3. California||2||3,800,000||6,800,000||$ 23,391|
|4. Virginia||13||706,626||1,500,000||$ 20,520|
|5. Texas||6||2,600,000||4,600,000||$ 21,003|
|6. Florida||7||2,400,000||3,200,000||$ 21,103|
|7. New York||18||2,100,000||4,000,000||$ 23,014|
|8. New Hampshire||5||132,432||289,914||$ 19,893|
|9. Pennsylvania||22||1,000,000||2,500,000||$ 17,561|
|10. Georgia||8||1,000,000||1,600,000||$ 16,348|
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.
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