South Jordan, UT – May 9, 2016 Lendio, the nation’s leading marketplace for small business loans, today reported results for its first quarter ending March 31, 2016. Strong business momentum from 2015, including nearly 100 percent year-over-year revenue growth, carried into the first quarter enabling Lendio to facilitate $52.5 million in financing through its marketplace of more than 70 small business lenders. This is a 200 percent increase over the $17.47 million in loans originated through the Lendio platform in Q1 2015.
Key Business Highlights:
- 1,032 new businesses funded
- Average loan amount: $30,063
- Average days to fund: 4.16
- Loans funded in 48 states, renewals in 45 states
“Q1 was strong across the board,” said Brock Blake, CEO and cofounder. “We’ve been able to strengthen the foundation of our marketplace by diversifying our lenders and adding key partnerships. The result of our team’s execution provides controlled, steady growth, and that is what we want.”
Of the $52.5 million funded, a record $6.2 million came through Lendio’s partnership with Staples. Lendio first announced the partnership in Q1 2015 to help small business owners find the best small business loan to support most industries including construction, restaurant and food services, retail stores, healthcare, manufacturing and transportation.
Staples Business Loans powered by Lendio also helped secure the largest loan amount in Lendio’s history in Q1 2016, $1.99 million for a commercial real estate project. After operating a successful banquet hall for 30 years, the owners of the Crystal Ballroom of New Britain had outgrown their facilities and had the opportunity to purchase adjacent properties for business expansion.
“As we looked into the costs associated with constructing a new building for our business, we went through the traditional lending routes with local banks and the 504 program, but our efforts proved unsuccessful,” said Magdalena Wegrzyniak, the ballroom’s owner. “The Staples Business Loans service helped us obtain funding through a 7A program that was a better fit based upon our business needs. We are now ready to grow in square footage and business in order to accommodate the needs of both business and private clients.”
Lendio also sponsored an independent survey of small business owners between January and March 2016. The survey found that potential borrowers’ decisions are significantly affected by the way the cost of a loan is communicated, especially with shortterm loans.
“For the small business owner, alternative lending has opened a new world of loan options to solve business cash needs that owners didn’t have access to previously,” Blake added. ”While we continue to hit key milestones of growth, the most meaningful aspect of achieving over $50 million in funding volume is thinking about the thousands of businesses that we’ve helped.”
Lendio is a free online service that helps business owners find the right small business loans within minutes. The center of small business lending, our passion is fueling the American Dream by uniting the small business loan industry and bringing all options together in one place, from shortterm specialty financing to longterm lowinterest traditional loans. Our technology makes small business lending simple, decreasing the amount of time and effort it takes to secure funding. More information about Lendio is available at www.lendio.com.