Aug 1, 2019
The quarterly report from Lendio shows demand for business loans in Q2 increased by 57% over the previous three-quarter average
SILICON SLOPES, Utah – August 1, 2019 – Lendio, the nation’s largest marketplace for business loans, today released its SMB Economic Insights report for Q2 2019. The report shows small business loan inquiries increased by 57% over the previous three-quarter average, indicating small business owners continued appetite for growth in Q2. Additionally, the number of small business loans funded in the quarter grew by 13% over the previous three-quarter average.
The SMB Economic Insights report, released following the close of each business quarter, provides a state-by-state summary of the impact of lending on small business health. Findings are based on information provided by more than 8,500 small business loan applications submitted through the Lendio platform in the last quarter.
Additional key findings from the Q2 report (based on growth over the previous three-quarter average):
“As a loan marketplace serving up a wide range of business financing options, Lendio has unique insight into small business health across the United States,” says Brock Blake, CEO and founder of Lendio. “Findings from this report, particularly the growth in loan inquiries, number of loans funded and the average loan amount, show that business owners are still optimistic and hungry for growth.”
Finding capital and managing cash flow are consistently top concerns for small business owners. Lendio’s SMB Economic Insights report not only provides business owners with insight into how their financial health stacks up against other businesses in their industries and states, but it also shines a light on the trends currently shaping small business lending.
To view and download a full report for all 50 states and the District of Columbia, visit www.lendio.com/quarterly-reports/.
About SMB Economic Insights
The SMB Economic Insights report is based on data provided by more than 8,500 small business owners who submitted applications through Lendio’s marketplace between April 1 and June 30, 2019. Data collected includes the total amount funded, average loan size, business industry, age, gender, credit score, number of bankruptcies and more.
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.
Spencer has spent the last ten years in the throes of all things marketing and communications. In the past, he has written for companies and clients spanning restaurants to SAAS companies, and entertainment guilds to yoga studios. Spencer has a B.S. in Communications from the University of Utah. When not writing or working, he can be found in the mountains on a hike, in a movie theater with a tub of popcorn, or on stage at a local theater.
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