Jul 27, 2017
SILICON SLOPES, Utah, July 27, 2017 /PRNewswire/ — Lendio, the nation’s leading marketplace for small business loans, today announced that it has helped facilitate more than $500 million in financing to over 21,000 small businesses across the U.S. Lendio helps fuel the American Dream through its marketplace of over 75 small business lenders in all 50 states and parts of Canada. The growth milestone comes after a 141 percent increase in loans originated through the Lendio platform in the last fiscal year.
Small business lending indices show that small business borrowing is at its highest level in nearly a year. According to Thomson Reuters/PayNet, business owners are investing to meet customer demand, which is driving the economy. Data from Lendio’s platform is telling a similar story, and it’s not just businesses on the nation’s coastlines that are thriving. A heat map of Lendio’s top states for small business loans, based on loan volume, shows small business growth is booming in America’s heartland, the southern states and beyond.
The average loan size among Lendio’s small business customers is $26,873. The top five industries funded on Lendio’s marketplace include construction, restaurants, retail, healthcare, and manufacturing. Lendio also helps small businesses get loans fast, with 70 percent of businesses getting funding within five days of submitting an application.
“Small businesses create the lion’s share of economic growth and jobs in this country. Lendio is proud of the impact that $500 million in business loans is having on the American economy,” said Brock Blake, CEO and founder of Lendio. “From restaurants and retail shops, to plumbers and landscapers, our team is passionate about providing the access to capital to help these businesses grow, recharge and thrive.”
Lendio’s growth milestone comes less than four years after it launched its marketplace. The first loan was in Q4 2013 to a seafood restaurant in Charleston, South Carolina, looking for equipment to help its business expand. The 500 millionth dollar was funded by one of Lendio’s top lenders, American Express Merchant Financing®, and provided working capital to VaKA Burger Express in downtown Los Angeles. Voted the best burger in Southern California in 2014, VaKA’s signature burger features grass-fed beef, house-made barbecue sauce, bacon jam and a beer-battered onion ring.
“This is the second time VaKA Burger has utilized Lendio for funding. I reached out on Thursday, and got funding by Monday night,” said Esmeralda Y. Perez, owner of VaKA Burger. “Lendio works with lenders that look out for the best interest of your business by offering some of the best rates. This to me speaks volumes because it tells me they want to see small business owners succeed.”
For more information about Lendio, visit www.lendio.com.
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.
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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