Jul 1, 2020
Through its lender-matching technology, Lendio has secured COVID-19 relief funds for small businesses across the U.S.
Lehi, Utah – July 1, 2020 – Lendio, the nation’s leading marketplace for small business loans, today announced it has facilitated $8 billion in Paycheck Protection Program (PPP) loan approvals for 100,000 small businesses to date. Partnering with 300 SBA-approved financial institutions and fintech lenders across the country, Lendio has helped secure COVID-19 relief funds for many underserved segments of the small business community.
Lendio released a report today highlighting the impact of PPP loan approvals facilitated through its platform from April 3, 2020, to June 30, 2020. The report shows the regional, demographic and industry distribution of loans in all 50 states, the District of Columbia and the U.S. Virgin Islands to date.
Key findings include:
Throughout the PPP, the SBA and its private partners experienced unprecedented demand for emergency relief funding. As a marketplace with access to hundreds of SBA-approved lenders, Lendio quickly became a platform for business owners to connect with banks, non-bank lenders and fintech providers distributing stimulus funds. Lendio facilitated loans for some of the smallest businesses in the nation. The average PPP loan size on the Lendio platform is $73,000 compared to the national average of around $107,000.
“From the early stages of the PPP, Lendio voiced strong public concern over the number of small businesses that would be unfairly left out of the program,” said Brock Blake, CEO and co-founder of Lendio. “We opened our doors, so to speak, to every business owner, including those without a prior relationship with an SBA lender. We are grateful to our lending partners who came together with us in this effort to widely distribute relief funds and eliminate disparities in access to the program.”
Bryan LeFebure is co-owner of Five Points Fitness, which has two locations in Northern California. LeFebure applied for a PPP loan through Lendio and is using the funds to retain his team members while providing virtual fitness classes and planning for a safe reopening.
“Lendio was a whole different experience; it was so quick and so smooth,” said LeFebure. “It was very clear and easy for me to download the proper documents; I got good feedback and responses, and within 24 hours I got confirmation that they received my documents.”
“Lendio was founded on the principle of advocating for the financial needs of the smallest of businesses,” continued Blake. “It’s been heartbreaking to see the devastating effects of the pandemic on these business owners and their employees. While economic uncertainty remains, Lendio’s mission to make funding accessible to every small business continues; as long as the program remains open, Lendio will facilitate PPP loans. We will also continue to provide additional financial solutions for business owners to help them through the reopening and rebuilding phase.”
As an aggregator of loan options from the nation’s top fintech lenders, banks, credit unions, community development financial institutions and non-bank lenders, Lendio is a one-stop-shop for thousands of business owners looking for capital to start, operate and grow. Prior to its role in facilitating PPP loans during the COVID-19 pandemic, Lendio had originated just over $2 billion to 110,000 small businesses since its inception in 2011.
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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