May 1, 2019

Lendio Reveals Its Fourth Annual List of Top 10 States for Small Business Lending


High Population States Show Increased Appetite for Growth Capital in a Strong Economy

SILICON SLOPES, Utah – May 1, 2019 – Lendio, the nation’s largest marketplace for business loans, today announced its fourth annual list of top 10 states for small business lending, based on loan data from the Lendio platform, which matches businesses with more than 75 lenders.

Lendio's list of top 10 states for small business lending


Key Findings:

  • Utah, California, Washington, Texas and Florida remain stronghold states, ranking on the list four years running.
  • The amount of loan dollars funded in Texas increased 35% year-over-year, with a 37.5% increase in Texas business owners getting approved for loans.
  • The amount of loan dollars funded in New Jersey increased 54% year-over-year, with the average loan size per borrower increasing by 22% from 2018.
  • The number of loans closed in Florida increased 33% year-over-year, with a 24% increase in the amount of loan dollars funded in the state.
  • The number of Massachusetts business owners who accepted loan offers increased 38% year-over-year.
  • Arizona and Connecticut ranked among the top 10 states for small business lending for the first time.

Though banks were slightly more open to approving small business loans in 2018, it’s still a challenge for small business owners to access capital through traditional methods. According to the Federal Reserve Bank’s 2019 Small Business Credit Survey, funding gaps are most acute for small businesses seeking $100–250K in financing. The report also shows that online lending platforms are bridging this gap, with 32% of small business loan applicants turning to online lenders in 2018, up from 24% in 2017, and 19% in 2016.

Founded by entrepreneur Sasha Rowe, Dallas-based Rivvly is an example of how access to capital can help a small business accelerate at just the right time. Initially, the company was built without taking on debt, but as time passed the business needed a loan in order to scale. “When we got to the point we needed working capital, Lendio was our answer,” said Rowe. “[Lendio] worked hard to understand the foundation and goals of Rivvly and then went to bat for us and secured the capital we needed to grow.”

“We hear a lot lately about the strong national economy, but usually through the success of well-known unicorns. What really makes America’s economic engine hum is small business,” said Brock Blake, CEO and founder of Lendio. “The top 10 states list is a reminder that lending to small businesses puts the country in a stronger economic position.”

In 2018, Lendio helped facilitate nearly $480 million in funding in all 50 states, a 60 percent annual increase in loans originated through its platform. Loans were made to entrepreneurs in diverse industries including construction, restaurants, health care and retail. 

About Lendio’s Top 10 States Ranking

The top 10 states ranking is based on a calculation of several key indicators, including approval rates and loan sizes, from among thousands of Lendio’s customers from April through March each year. More information about the 2018, 2017 and 2016 top 10 states for small business lending, including the average loan size on the Lendio platform, can be found at

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.

See all articles by this author

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