Apr 9, 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.
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.
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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