Lendio, an online service that helps business owners find small business loans, says business soared in 2015 generating dramatic growth. Lendio states it facilitated over $128 million in financing for the year. This represented over 5100 SMEs in all 50 states. Lendio compares this number to 2014 when the young platform matched only $12.4 million in loans from approximately 400 small business borrowers. The year over year increase was pegged at 1175%.
“70 percent of the jobs in our country are small businesses, but until recently, small business owners have been left to navigate the complicated financing process on their own,” said Brock Blake, CEO & co-founder, Lendio. “At Lendio, fueling the American Dream is our mission and motivation, and seeing the immense financial value our customers are achieving with our diverse marketplace is the best indicator of our success as a company.”
Lendio touted the example of Houston,Texas based borrower SMATCOE. The company used the Lendio service to source debt-based growth capital. The business owner, Chris Millett, first used his 401k money to start the business. In need of additional capital, he found it online.
“Securing a small business loan is no walk in the park, but I knew I needed outside help in order to achieve my growth goals,” said Millett.
Lendio believes it is primed for another year of exceptional growth driven by an increased demand in the U.S. economy to support small business financing.