Dec 14, 2017

Lendio Franchise Announced in Detroit

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DETROIT, MICHIGANDecember 14, 2017Lendio, the nation’s leading marketplace for small business loans, today announced the opening of a new Lendio franchise in the Detroit Metro area. Through the Lendio franchise program, Darnell Parker will help local businesses in the community apply for loans, review their options and secure funding, easing the financial hurdles for small business owners.

Lendio is an online service that helps business owners find the working capital they need to grow their business through the company’s network of over 75 lenders. Funding options include SBA loans, startup loans, equipment loans, commercial real estate loans, and more. In the last fiscal year alone, Lendio facilitated more than $240 million in funding.

The Lendio franchise program makes business loans easy by helping small business owners skip the legwork of looking for a small business loan. Franchisees understand the needs of local business owners and can guide them through the lending process. By bridging that gap between the online lending marketplace and the small business owners, Parker will help open a world of funding opportunities for business owners in Detroit’s diversified local economy.

“I have a passion for supporting small business here in Detroit and franchising with Lendio was a perfect opportunity to help invigorate our local economy,” said Darnell Parker, president of Lendio Regional Lending Services — Detroit, which specializes in equipment loans for the area’s robust manufacturing industry. “Through the Lendio platform I am able to educate small business owners and empower them to find the loans they need to operate.”

“Small businesses make up 28 million of America’s businesses. The problem is that an estimated 80 percent of small business loan applications are being rejected by traditional banks,” said Ben Davis, chief franchising officer at Lendio. “Our core value is to give small businesses access to capital and help fuel the American Dream. We’re excited to expand our franchise program with Darnell. We share a passion to see small businesses grow and make a positive impact on the U.S. economy, and the local community.”

Since 2008, accessing financial capital for small business owners has been difficult. According to Edelman Intelligence, more than 40 percent of small business owners need additional funding for their business each year. Roughly 70 percent of small business owners aren’t aware that alternative lending sources exists. From high tech startups to restaurants to small manufacturing firms, Lendio Detroit will provide greater access to capital to all of the area’s growing and diverse industries.

 

About Lendio

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.

About the Author

Melanie King

Melanie King

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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