Lendio Announces Lender Turndown Program at LendIt Fintech USA 2018

Program has already provided nearly $60m in loans to small businesses that would otherwise have been declined

SILICON SLOPES, UTAH – April 9, 2018 – Lendio announced today at LendIt Fintech USA, the world’s leading event in financial services innovation, that it has facilitated nearly $60 million in loans through its lender turndown program.

Lendio’s lender turndown program allows lending partners to offer a marketplace of loan options to customers that do not fit the lender’s credit box; this allows lenders to turn a decline response into a potential loan offer for the small business owner. To date, the program includes about 20 lending partners, and due to the success of the program, Lendio is adding new partners each month. In the last fiscal year, the program saw a 259% increase in the number of loans facilitated.

“We are excited about the rapid growth of this program,” said Jim Granat, President of Lendio. “We are seeing an increase of lending partners joining the turndown platform because it allows them to turn an application decision from a ‘no’ into a ‘yes.’ Working closely with our trusted lending partners to provide additional funding options shows their commitment to customer satisfaction; it’s a great way for us to partner in helping main street get much-needed access to capital.”

Lendio leverages its online marketplace of more than 70 lenders and white-glove customer service to make sure that each referral gets access to business loan options. As a result, the overwhelming majority of the customers are coming back to Lendio for one or more renewal loans.

LendIt Fintech USA, a gathering of more than 6,000 industry professionals in San Francisco, showcases the leaders in innovation across financial services including the digital banking, fintech, blockchain and lending industries.

For more information about Lendio, visit www.lendio.com.

About LendIt Fintech

LendIt Fintech is a recognized global internet finance industry leader, founded in New York in 2013. Its aim is to gather industry elites to discuss and explore latest trends in the development of international financial technology. LendIt Fintech has become the largest event in financial services innovation as it hosts three annual conferences, LendIt Fintech USA, LendIt Fintech Europe, and Lang Di Fintech, and dozens of complementary online and in-person industry events. LendIt also owns and operates one of the world’s leading industry educational channels, Lend Academy.

For more information, tickets and sponsorship opportunities, please visit www.lendit.com.

About Lendio

Lendio is a free online service that helps business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products, Lendio’s marketplace is the center of small business lending. Bringing all options together in one place, from short-term specialty financing to long-term, low-interest traditional loans, our technology makes small business lending simple and decreases the amount of time and effort it takes to secure funding. For every loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, donates a percentage of funds to low-income entrepreneurs around the world through Kiva.org. More information about Lendio is available at www.lendio.com. Information about Lendio franchising opportunities can be found at www.lendiofranchise.com.

About the author

Melanie King

Melanie King is Lendio’s Director of Public Relations. A lover of the written word, she creates content to inspire business owners and help them discover new ways to grow. She can often be found adventuring in Utah’s picturesque outdoors with her four energetic children.

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