Jun 20, 2018
Lendio Gives Back: Employer-Matched Contributions Fund $70K in Microloans to Underserved Entrepreneurs
SILICON SLOPES, Utah – Jun. 20, 2018 – Lendio announced today that Lendio Gives, its employee contribution and employer matching program, has provided more than $70,000 in microloans to 2,800 underserved entrepreneurs in 78 countries through Kiva. In May, Lendio ranked 6th among Kiva’s Internal Business Groups for total fundings, with over 300 new loans funded.
Kiva is a San Francisco-based nonprofit that connects online lenders and low-income borrowers around the world. Through $25 microloan increments, Kiva enables entrepreneurs who can’t be serviced by traditional financial institutions to start or grow a business. Kiva’s mission to change lives through lending is highly aligned with Lendio’s mission to fuel the American dream for small businesses. That’s why for every loan facilitated on Lendio’s marketplace platform, Lendio donates a percentage of funds to low-income entrepreneurs around the world through Kiva.
The largest small business loan marketplace in the U.S., Lendio is committed to making small business entrepreneurship more inclusive, particularly for women and minorities. Through the Lendio Gives initiative and its contributions to Kiva, Lendio is making a global impact.
“We’re so grateful for and inspired by the incredible impact the Lendio team has made through Kiva on thousands of lives, families and communities around the world,” said Jessica Hansen, Kiva’s Global Engagement Manager.
Eighty-eight percent of Lendio’s Kiva loans go to female borrowers who don’t qualify for traditional loans and have to look beyond banks to access credit and financing. Lendio’s contributions to Kiva are part of its greater mission to eliminate the barriers to starting and growing a business and to empower individuals to take advantage of opportunities.
“Lendio believes strongly in the long-term impact its donations to Kiva are making on business owners around the world. Microloans can help underserved entrepreneurs for years to come,” said Brock Blake, CEO and founder of Lendio. “Empowering those who have struggled without financial services means more jobs, more opportunity and stronger economies.”
The repayment rate on Lendio’s fundings through Kiva is 98.9 percent, above the average Kiva loan repayment rate of 96.9 percent. Lendio reinvests all repayments into new loans. Lendio’s top sectors for microloans include food, retail, agriculture, clothing, services and construction, and the top five countries loaned to are the Philippines, Senegal, Congo, Rwanda and Zimbabwe.
Kiva’s crowdfunding model provides a promising avenue to a higher standard of living for families, neighborhoods and communities across the globe. According to Kiva’s website, Kiva emphasizes character over credit, and uses social underwriting to assess the creditworthiness of its borrowers. To-date, Kiva has provided $1.2 billion in loans in 85 countries for everything from water and sanitation needs to working capital for small markets, restaurants and artisans.
Lendio is a free online marketplace that leverages machine learning to help business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products and over 100,000 small business loans funded, Lendio’s marketplace is the largest in the country and the center of small business lending. Based in the Silicon Slopes of Lehi, Utah, Lendio was recently recognized by Glassdoor as one of the Top 50 Workplaces and has been certified for four years running as a great workplace by the independent analysts at Great Place to Work®. In addition, Lendio ranks on Fortune’s Best Workplaces in Financial Services & Insurance and Inc.’s Best Workplaces. For every new loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, provides a microloan to a low-income entrepreneur 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.
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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