Lendio Launches National Scholarship to Small Business Families

SOUTH JORDAN, Utah – October 6, 2016 – Lendio, the nation’s leading marketplace for small business loans, today announced it is hosting a national scholarship program aimed at supporting small business owners and their families.

The scholarship consists of two $2,500 awards, granted to winners of a video contest. Students or family members are asked to submit an inspirational video discussing the types of sacrifices they have made in order to start or grow a small business. Submissions will be judged based on compelling story and creativity.

“At Lendio, we know small business and understand that many entrepreneurs put all that they have into their business in order to see it grow,” said Brock Blake, CEO, Lendio. “This usually includes financial sacrifices, and at times can cost their children the opportunity to attend college and receive additional education. With this scholarship offering, we are continuing a tradition to help small business owners and their families fuel their dreams.”

According to SBA.gov, small businesses are the backbone of America, with 50 percent of U.S. businesses employing more than 60 million people. However, many struggle to achieve financial success even as they prove skilled within their industry.

In a recent survey of 1,000 business owners with annual revenues ranging from less than $30,000 up to $2 million, only 55 percent could cover a month or less of business expenses and 30 percent had no savings, creating financial uncertainty at both the business and household levels. In the short-term, business owners reduce or eliminate their own paychecks. In the long-term, lack of savings translates into lack of necessary capital to support the business, as well as a reduced ability to achieve family goals such as providing higher education for their children.

For official rules and detailed instructions of Lendio’s Scholarship to Small Business Families, applicants can visit https://www.lendio.com/scholarship-award/.

Video submission deadline is January 1, 2017, at 12:00 a.m. EST for winter semester, and August 1, 2017 at 12:00 a.m. EDT for fall semester. Submissions will be reviewed by a panel of independent judges. The winner will be announced by January 22 for winter semester and August 31 for fall semester.