Mar 1, 2017
SILICON SLOPES, Utah – March 1, 2017 – Lendio, the nation’s leading marketplace for small business loans, today announced it is expanding the reach and availability of its small business lending options with the launch of a new franchise program.
The Lendio franchise program complements the company’s core value of helping small business owners fuel the American Dream. Through this program, franchise owners across the country can ease the financial hurdles for small businesses in their local community. Lendio franchisees get access to Lendio’s marketplace and technology, comprehensive training, branded marketing tools and national advertising, partnerships, and access to Lendio’s franchise support team to help coach small business owners through the lending process.
“We are thrilled to extend the availability of our online loan marketplace through our franchisees to an even broader group of small businesses who may not have been aware of the range of loan options available to them,” said Brock Blake, CEO and founder of Lendio. “With 80 percent of small business loan applications being rejected by traditional banks, now more than ever, small business owners need access to various sources of funding. Having a local presence will help bridge the awareness and trust gap for small business owners, helping borrowers position themselves and their companies for a great future.”
Ben Davis, chief franchising officer at Lendio, will lead the franchise program. Together, Lendio and Davis will expand the company’s local presence and offer services to a new segment of small business owners through local franchisees, bringing options, speed and trust to Main Street, the backbone of America’s economy, in a way that has never been done before.
“Lendio’s investment in franchising meets the classic definition of an organization ‘putting its money where its mouth is,’” Davis said. “To Lendio’s already powerful online marketplace, Lendio franchisees bring a wealth of knowledge about local businesses and their capital requirements. They are connected to their communities and uniquely driven to build great neighborhoods and strong local economies.”
Lendio helps small business owners find working capital through its online platform. With a network of over 75 lenders offering multiple loan products, Lendio’s marketplace matches small business owners with various loan options. Today’s announcement comes on the heels of Lendio announcing an 87 percent annual increase of loans originated through its platform, which has facilitated more than $240 million in loans last year.
Lendio currently has franchisees in five territories, with significant interest in many others. Partners Kyle Bohrer and Bryan Gealy, in Erie, Pennsylvania, joined Lendio as the first franchise owners. Bohrer has been in the small/mid-sized business marketplace for over 10 years. Located in the Great Lakes region, Bohrer has been working on saving Erie small business owners money on their shipping. By becoming a Lendio franchisee, they are able to support businesses with their financing needs and help their community turn the corner economically.
“We will consult with potential customers looking to create new businesses and ones looking to expand, grow or just stay afloat,” Bohrer said. “Erie is my hometown, so becoming a Lendio franchisee allows local small business owners to work with someone in their community who knows their needs, challenges and potential opportunities.”
For more information about Lendio’s franchise program, visit: https://www.lendio.com/franchise.
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.
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