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Mar 17, 2020
The online lending marketplace has facilitated over 100,000 loans through its high-tech, high-touch approach to small business financing
Lehi, Utah – March 17, 2020 – Lendio today announced it has facilitated over $2 billion in loans to small businesses across the U.S. The largest small business financing marketplace in the country, Lendio has originated over 100,000 loans through its unique combination of data science, leading technology and personalized expert guidance. Fueled by this access to capital, Lendio’s customers have generated an estimated $6.5 billion in gross economic output and created nearly 45,000 jobs nationwide.
Founded in 2011 by Brock Blake and Trent Miskin, Lendio’s online marketplace includes offerings from more than 75 of the nation’s top online lenders, banks and specialty lenders. To apply, small business owners complete a 15-minute online loan application that is processed by Lendio’s machine learning algorithms and matched with a pool of suitable lenders. Lendio’s team of loan experts reviews these options with business owners and facilitates a loan that works best for both the entrepreneur and the lender—often within 24 hours.
“My co-founder and I started Lendio because we saw that the traditional loan application process was daunting, time-consuming and ineffective for most small businesses,” said Brock Blake, CEO and founder of Lendio. “We understand the critical nature of access to capital for small businesses, both during slow times and during periods of growth. Lendio is proud to be a trusted facilitator of over $2 billion in capital to date, and we remain committed to making financing simpler for the millions of small businesses that fuel our economy.”
The number of small business owners seeking credit solutions from online lenders and marketplaces continues to rise, according to the Federal Reserve Banks’ 2019 Small Business Credit Survey. Nearly one in three small business loan applicants turns to an online lender to meet their financing needs. Business owners report the speed of decision making and their perceived chance of funding as the top reasons they apply to online lenders.
One such business owner is Cindy Imperatore, owner of Bossy Bridle, a specialized equestrian equipment retailer. Imperatore started her business as a side gig, selling tack from a popular equestrian brand to local barns. When she decided to scale her venture, she used a loan to develop her first website and branch into selling other brands.
“Once I started working with Lendio, the ability to bring in other brands really changed for me,” said Imperatore. “They worked so quickly, and so efficiently that we’ve never been left in a position where we’re hungry for capital, so to speak. Every rep has always had my back in terms of looking for the best rates for me, and also an eye toward building my credit as a business.”
Lendio recently secured $55 million in capital, including $31 million in equity led by Mercato Partners’ Traverse Fund and a $24 million debt facility from Signature Bank. This funding enables Lendio to increase the scope and precision of its loan marketplace while developing further integrations with its newly-launched bookkeeping platform, Sunrise.
“We at Lendio have a deep passion for helping small business owners get access to capital to fuel their dreams. Investing in new technologies is a big part of that,” said Blake. “Lendio’s high-tech, high-touch approach to small business lending will continue to be a priority as we develop cutting-edge financing solutions that boost small business success rates.”
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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