Oct 16, 2018
Lendio has provided financing to over 51,000 small businesses across the U.S., which have generated an estimated $3.8 billion in economic output
SILICON SLOPES, Utah – October 16, 2018 – Lendio, the nation’s leading marketplace for small business loans, today announced it has facilitated $1 billion in financing to more than 51,000 small businesses across the U.S. Since its inception in 2011, Lendio has been bridging the financing gap for small business owners. As a result of access to growth capital, Lendio’s small business clients have burgeoned, generating an estimated $3.8 billion in economic output and creating more than 25,000 jobs in communities nationwide.
“For the mom and pop shops, Main Street cafes, small manufacturing firms or independent contractors in our communities, business ownership is more than a lofty ideal; it’s a way of life,” said Brock Blake, CEO and founder of Lendio. “Lendio is proud of the multiplying impact that $1 billion in small business loans is having on the American economy. The impact of these loans doesn’t stop with the borrower—for every $1 in lending to small businesses, they create an average of $3.79 in gross economic output in their communities.”
According to the Federal Reserve 2017 Small Business Credit survey, the majority of U.S. small businesses reported improved performance and heightened optimism. The report also shows applications to online lenders have been on the rise. Lendio’s growth milestone comes after an 80 percent increase in loans funded through its platform in the last year.
“While entrepreneurs have been planting the seeds of small business, online lending has been helping them take root and flourish,” said Blake. “Lendio is committed to helping America’s small businesses, who are critical to the country’s economic growth and job creation, unlock their financial potential.”
One such entrepreneur, Jose Quinones of Englewood, Colorado, left the mortgage industry to turn his hobby of homebrewing into a business; he launched Broadway Brew Supply in 2016. The shop sells equipment and supplies for brewing beer, wine, cider and other fermented beverages, and offers monthly classes and private lessons in the art of homebrewing. Quinones came to Lendio seeking capital and qualified for business lines of credit that allowed him to order merchandise and be fully stocked ahead of opening.
“[Lendio] offered counseling to maximize my credit profile to ensure I can continue obtaining financing as my business grows. The confidence with which Lendio handled my application was a relief,” said Quinones.
The average initial loan size among Lendio’s small business customers is $37,000. Lendio clients have an average time in business of 5 years and an average monthly revenue of $37,515. The top industries funded through Lendio’s marketplace include construction, retail, restaurants, health care, information media and transportation.
For more information about Lendio, visit www.lendio.com.
Lendio is the nation’s leading small business finance solution provider. 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 more than 300,000 small business loans for more than $11.8 billion in total funding, including $9.8 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. More information about Lendio is available at www.lendio.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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