Lendio Contributes More Than 10,000 Kiva Loans to Fuel Women-Owned Businesses Worldwide

U.S.-based online lending platform Lendio announced on Wednesday it has provided more than 10,000 Kiva micro-loans to entrepreneurs in the developing world through Lendio Gives. Lendio reported that its Lendio Gives is an employee donation and employer matching program focused on facilitating global entrepreneurship. To date, the program has provided over $250,000 in microloans to business owners around the world.

“Lendio is committed to making access to capital simpler and quicker for the millions of small business owners in the U.S. Lendio’s mission to fuel the American dream goes hand-in-hand with Kiva’s goal of fueling global entrepreneurship. For every new loan facilitated on Lendio’s marketplace platform, Lendio provides a microloan to a low-income entrepreneur through Kiva. This voluntary program boasts a 94% participation rate from Lendio employees.”

While sharing more details about the program, Lendio noted that while not all of Lendio Gives loans go to women-owned businesses, about 95% do.

“To help close the financial gender gap, Lendio has chosen to focus on fueling women-owned businesses through this charitable initiative. Loans are provided in $25 increments to underserved small business owners, many of whom have been turned away by traditional lenders. When loans are repaid, Lendio Gives reinvests them into reloans to further the positive global impact of these contributions.”

Brett Child, Co-founder and EVP of Sales Operations at Lendio, went on to add:

“Lendio is committed to empowering female entrepreneurship through the loans we facilitate on our own platform as well as our contributions to Kiva. Our aim is to give every entrepreneur a fair shot at success, particularly those who are socially or economically challenged.”

Lendio’s Latest Study Reveals Hispanic Business Owners Are Hungry for Growth Capital

U.S.-based online lending platform Lendio announced on Monday its latest study revealed that Hispanic business owners are hungry for growth capital. The lender reported that the study, which included more than 5,000 of Lendio’s small business customers, reveals a spike in loan inquiries from Hispanic businesses this year.

The report also revealed the following:

  • Inquiries for small business loans grew by 14% among Hispanic business owners versus 10% among non-Hispanic owners.
  • The number of Hispanic business owners taking on loans increased by 8% versus 3% among non-Hispanic owners.
  • The total dollar amount funded to Hispanic business owners grew by 23% versus 10% for non-Hispanic owners.
  • The average loan amount for a Hispanic business owner increased 14% while the average for a non-Hispanic owner increased 8%.

Speaking about the report, Luis Salazar, President of Lendio North Florida, stated:

“Hispanic business owners are very hard working, but more importantly, good at creating opportunity. What has been inspiring among the Hispanic business owners I’ve had the pleasure of working with is the positive family-type culture they create within their businesses.”

Lendio then added:

“The study’s findings also show that Hispanic business owners seeking growth capital tend to be younger than their non-Hispanic counterparts. Fifty-five percent of Hispanic borrowers are younger than 45 years old, while 43% of non-Hispanic borrowers fall in that age group. The average age of Hispanic borrowers is 44, while the non-Hispanic borrowers’ average is 47. Common financing needs among Hispanic owners include equipment purchases and new business opportunities.”

Lendio Set to Double Sales Force; Announces Loan Product Offering Expansion

U.S.-based online lending platform Lendio announced this week it has plans to double the sales force at its Lehi, Utah, and Woodbury, New York, offices. The lender reported that it has hired 80 employees in 2019 and intends to add another 40 sales representatives by the end of the year, with plans to bring on another 40 in the first quarter of 2020.

Lendio also revealed it plans to showcase its selection of loan products for small businesses, with a 10% increase in the number of product offerings in the coming year.

“The company’s recent expansion and plans for growth are a direct response to the growing demand for capital among small business owners in the U.S. Lendio’s SMB Economic Insights report shows the demand for business loans in Q2 2019 increased by 57% over the previous three-quarter average. Additionally, more and more business owners are looking to online lending to meet their unique capital needs. According to the Federal Reserve 2019 Small Business Credit Survey, the number of applicants turning to online lenders has nearly doubled since 2016.”

Speaking about the expansion of both team and products, Brock Blake, CEO and founder of Lendio, went on to add:

“Business owners are hungry for growth capital. But they have unique requirements. Lendio’s specialized sales team takes the high-tech, high-touch approach to facilitating funding. They offer business owners a quick, tech-driven application and loan matching process, but also provide a hands-on, consultative service to help them select the best loan.”

Lendio Franchising Facilitates $50 Million to Small Businesses

Lendio Franchising, Lendio’s marketplace lending franchise program, announced on Tuesday it has facilitated $50 million in loans to over 1,800 small businesses around the U.S. According to Lendio, the  loans through the franchise provide a boost to small businesses in industries ranging from healthcare to trucking, with an estimated economic impact of $165,505,834 across local economies.

“Lendio franchisees facilitate access to small business growth capital through a wide range of loan options backed by the nation’s largest business loan marketplace. Furthermore, through strategic partnerships with community banks and local SBA lenders, these franchisees provide a more localized approach to lending.”

Speaking about the milestone, Mark Cottle, Executive Vice President of Franchising at Lendio, stated:

“Lendio’s franchise owners are dedicated to helping lift small business owners in their communities. Their understanding of local business trends, needs, and strengths combined with access to Lendio’s extensive lender network is what has led to this funding milestone in such a short amount of time.”

Lendio then noted that Since Lendio Franchising began funding small businesses, the demographics of borrowers have evolved. Applicants on average are getting younger, with the percentage of borrowers between the ages of 25 and 34 notably increasing faster than any other age group. Lendio added:

“Newer businesses also are being funded more regularly, with the average time in business dropping from 11 years to just under eight. Women-owned businesses still represent only 25% of all borrowers funded. However, the number of female loan applicants increased by 89% in the last two years, while the number of male applicants grew by 75%.”

Lendio Milestone: Online Lender Surpasses $1.5 Billion in Small Business Loans Facilitated (Infographic)

U.S.-based online lending platform Lendio announced on Tuesday it has facilitated more than $1.5 billion in financing to small businesses across the U.S. This news comes just a few weeks after Lendio acquired of cloud-based small business account platform, Billy, and the launch of Lendio’s bookkeeping software for small businesses, Sunrise. Founded in 2011, Lendio describes itself as an online service that helps businesses find the right small business loan within minutes.

Lendio makes small business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources.”

Speaking about the latest milestone, Brock Blake, CEO and founder of Lendio, stated:

“At Lendio, we want business owners to understand and have a big-picture view of their capital options. We also want to help them evaluate how financing can be a critical investment to improve their business productivity. We look beyond immediate transactions with our customers. Lendio works with them to establish the best path to growth and future financial health for their businesses.”

Blake went on to add:

“Online lending options are becoming more attractive to small businesses. There are more players in the non-traditional lending space offering more sophisticated credit solutions to small businesses than ever before. Lendio aims to inform business owners of these options that aren’t just there to help them get by, but to help them expand and scale.”

Lendio also shared an infographic of its success so far, which is below.

Lendio’s Latest SMB Economic Insight Report Reveals Owners Remain “Bullish” When It Comes to Growth

U.S.-based online lending platform Lendio announced last week the release of its SMB Economic Insights report for 2019’s second quarter. The latest report revealed that small business loan inquiries increased by 57% over the previous three-quarter average, indicating small business owners continued appetite for growth in the quarter. Meanwhile, 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.”

Speaking about the report, Brock Blake, CEO and founder of Lendio, stated:

“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. 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.”

Lendio also reported that additional key findings from the Q2 report (based on growth over the previous three-quarter average) include the following:

  • The total amount funded to businesses across the U.S. grew by 21%.
  • The average loan amount among small business borrowers increased 11%.
  • The number of small business loan inquiries grew in all 50 states. The total number of loans funded went up in 36 states, and the total amount funded increased in 40 states.
  • The number of business owners reporting working capital as the main use of funds grew by 15%. Funding payroll grew by 33%, and making equipment purchases grew by 14%.
  • The average credit score of U.S. business owners held relatively steady in Q2, coming in at 667. Business owners in Washington D.C., Montana, Hawaii and Wyoming have the highest average credit scores in the nation.
  • The top small business industries funded are construction (with an average of $17,701 per loan) and restaurants (with an average $18,821 loan).

Lendio Announces Acquisition of Cloud-Based Small Business Accounting Platform Billy; Announces Bookkeeping Software For Small Businesses

U.S.-based online lending platform Lendio announced on Wednesday the acquisition of Billy and the launch of its bookkeeping software for small businesses, Sunrise, which is a freemium bookkeeping software to meld accounting, cash flow management, loan, and credit information into a single platform.

According to Lendio, Sunrise is also a user-friendly cash flow, billing, and expense tracking solution. It provides solopreneurs and small business owners customized access to Lendio’s marketplace of business loans and customer service.

“Small businesses say cash flow is one of the biggest challenges they face this year, according to a recent Lendio survey of 550 small business owners. Additionally, data from the Lendio platform shows that two-thirds of micro businesses are not currently leveraging an online accounting software. Sunrise aims to give business owners more accurate, real-time insight into their business finances. In turn, business owners will be able to better visualize their cash position, better understand their financial health and better predict their future capital needs.”

While sharing more details about the acquisition, Brock Blake, CEO and Founder of Lendio, stated:

“We are very excited to announce the acquisition of Billy and the re-brand to Sunrise. The Sunrise platform will bring together previously disparate sources of information for small business owners, such as accounting, loan and credit data. It’s our goal for Sunrise users to feel more confident in making financial decisions that help their businesses grow.”

Lendio then noted that in addition to billing, the free version also allows business owners to easily sync bank accounts and credit cards, categorize and track expenses and income, and store receipts in a central location. A paid subscription to Sunrise allows growing businesses to expand accounting capabilities by using Sunrise’s tech-enabled bookkeeping experts. Lendio added:

“A Sunrise mobile app is currently in development. Over time, other features will be added to Sunrise including auto categorization, a tie-in to tax software as well as more sophisticated loan integrations.”

Lendio Appoints Denada Ramnishta As New Senior Vice President of Lender & Partner Strategy

U.S.-based online lending platform Lendio announced on Wednesday it has appointed Denada Ramnishta as its new Senior Vice President of Lender and Partner Strategy. Prior to being promoted to this position, Ramnishta was formerly Head of Business Development and Partnerships. In her new role, she will expand her scope of duties to lead lender and partner acquisition strategy for Lendio’s next-generation marketplace model. Lendio stated:

“As Lendio’s head of business development and partnerships, Ramnishta worked to increase collaboration through partnerships that benefit both the participating companies and their end users. She will now apply her philosophy of a holistic, 360-degree partnership model to lender strategy at Lendio, furthering Lendio’s ability to provide ongoing financing solutions for small business’ short, medium and long-term needs.”

Speaking about her new position, Ramnishta shared:

“In the financial services space, trust and referrals are tantamount. Lendio does everything to ensure a positive and seamless experience for small business owners looking for capital, as well as for the lenders whose loans we originate on our platform. I’m committed to creating more win-win-win moments for Lendio, its lending partners and small business owners across the country.”

Brock Blake, CEO and founder of Lendio, went on to add:

“Denada has worked hard to establish common ground, alignment and symbiotic relationships with all of Lendio’s partners. I’m excited to see how she applies these principles to providing top-notch services to a broader base of customers in the next phase of Lendio’s marketplace.”

Lendio Provides More Than 5,000 Kiva Loans to Support Women-Owned Businesses (Infographic)

U.S.-based online lending platform Lendio announced on Wednesday it has donated more than $130,000 to underserved business owners nearly 80 countries through Kiva microloans. According to Lendio, the donations were given through continued efforts to support business growth around the world, the Lendio Gives program has funded more than 5,000 Kiva microloans.

Lendio reported that Lendio Gives allocates more than 90 percent of total funds donated to loans for females or female groups in the developing world. While sharing more details, Brock Blake, CEO and founder of Lendio, stated:

“When the bank says no, micro credit becomes the answer for many of the world’s entrepreneurs. Lendio Gives was created to make a positive global impact. By giving even a small boost to underserved businesses, we empower individuals to take advantage of opportunities. Small loans really do have a big impact.”

Lendio also revealed an infographic about its donations below.

Lendio Named to the 2018 CB Insights Fintech 250 List of Fastest-Growing Fintech Startups

U.S.-based online lending platform Lendio announced on Wednesday it was named to the 2018 CB Insights Fintech 250 List of Fast-Growing Fintech Startups. This news comes after the online lender reported it has facilitated more than $1 billion in financing to more than 51,000 small businesses across the U.S.

According to Lendio, the CB Insights research team selected the Fintech 250 companies based on several factors including data submitted by each company and their Mosaic Score, which is based on CB Insights’ algorithm and measures the overall health as well as the growth potential of private companies. The list’s insights include the following:

  • 30 of the Fintech 250 companies have reached a unicorn valuation of $1 billion or more.
  • Since 2017, these 250 private companies have raised $31.8B across 373 deals.
  • There were 82 $100 million+ mega-rounds to the Fintech 250 since 2013, with 33 of them in 2018 year-to-date (YTD).
  • 113 new companies were introduced to the 2018 Fintech 250 list.
  • 44% of the 2018 Fintech 250 list are based outside the United States, representing 31 countries.
  • Ant Financial is the most well-funded company on the Fintech 250 list, having raised approximately $19.1 billion across 4 investments.

Speaking about the list, Brock Blake, Lendio CEO and Founder, stated:

“It’s an honor for Lendio to be listed among the innovative companies driving the fintech industry forward. Lendio is doing its part to power the economy by bridging the financing gap for small businesses. We are committed to shaping the future of marketplace lending to help business owners unlock their financial potential.”

CB Insights CEO, Anand Sanwal, went on to add:

“After we named the inaugural Fintech 250 in 2017, they went on to raise $23B including 30 rounds of over $100 million. Twenty-two of the Fintech 250 have already exited with half via IPO. This year, we’ve added 113 new companies to the Fintech 250 using the CB Insights Mosaic algorithm, and the group is broad, covering everything from insurance tech to consumer banking to capital markets tech. We look forward to the success of this year’s group.”

Lendio Milestone: Tops $1 Billion in Business Loans Facilitated Through Online Marketplace

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Online small business lender Lendio announced on Monday it has facilitated $1 billion in financing to more than 51,000 small businesses across the U.S. since its inception in 2011. The lending platform reported that its small business clients have burgeoned, generating an estimated $3.8 billion in economic output and created more than 25,000 jobs in communities nationwide. Speaking about the milestone and small business clients, Brock Blake, CEO and Founder of Lendio, stated:

“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. 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.”

Lendio describes itself as an online service that helps businesses find the right small business loan within minutes. The lender noted it makes small business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources.

Lendio went on to add that 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.

Lendio’s 2018 Q2 Results Revealed 90% Year-Over-Year Revenue Growth

Online small business lender Lendio announced this week the release of its 2018 quarter 2 results, which recorded growth across all areas of its business, including 90 percent year-over-year quarterly revenue growth. The lending platform reported it has helped facilitate more than $900 million in financing to over 45,000 small businesses across the U.S. and Canada through its marketplace of more than 75 small business lenders. This growth milestone comes after an 80 percent increase in loans funded through the Lendio platform in the last year.

According to Lendio, from July 2017 to June 2018, Lendio facilitated nearly $400 million in loans to more than 22,000 small businesses. The average initial loan size among Lendio’s small business customers grew to nearly $35,000. The top five industries funded through Lendio’s marketplace include construction, retail, restaurants, healthcare and information media. Brock Blake, CEO and Founder of Lendio, stated:

“Our passion and motivation is to help small business owners across the U.S. get access to much-needed capital. A vast number of small business owners are unnecessarily getting declined by banks and other lenders, yet they need access to capital in order to grow their operations and fuel economic growth. We know the economic benefits of lending spread far beyond the borrower. To date, Lendio has helped small business owners pump an estimated $3 billion back into the economy.Lendio is committed to bridging the financing gap for small business owners, who are critical to the nation’s economic growth and job creation.”

Lendio added it is now reaching small business owners in industries and geographic areas that were previously unreachable. The program has grown to include 26 franchise owners in 49 territories and has facilitated more than $11 million in total funding in communities across the U.S.

Lendio Reports: Online Lender Facilitates More Than 5,000 Loans For California Small Businesses

Online small business lender Lendio announced on Thursday it has helped facilitate nearly $120 million in growth capital through more than 5,0000 to small businesses in the state of California. The lending platform has reportedly funded more loans in California than in any other state and the funding milestone comes just after a 169% increase in loans originated through Lendio’s platform in California during the last fiscal year.

“According to lending data from the Lendio platform, demand for small business loans in California increased 80 percent year-over-year from 2017 to 2018. The average loan size among Lendio’s small business customers in California increased 91 percent year-over-year from to $23,391 in 2017 to $44,602 in 2018. The top five California industries funded on Lendio’s marketplace include construction, retail, restaurants, healthcare and wholesale.”

Lendio also reported that according to a Federal Reserve Bank of Cleveland report, nearly half of small businesses need additional funding each year; however, since 2008, it’s been a challenge for small business owners to access financial capital. The lender noted that continued growth and innovation in online lending platforms is transforming the funding landscape. Lendio helps California small businesses get loans fast, with 70 percent of businesses getting loan offers within three days of submitting an application. Brock Blake, CEO and founder of Lendio, stated:

“Most business owners are not going to raise angel or investor capital, and unfortunately many of them don’t meet banks’ criteria for loans either. Lendio is pleased to be part of filling a critical financing gap for small business owners in California so they can continue to strengthen the state’s economy and create jobs.”

Lendio Releases Annual Top 10 Best States for Small Business Lending List

Earlier this week, Lendio announced its third annual Top 10 States For Small Business Lending list. According to Lendio, the list’s results were based on lending data from its online lending platform, which matches businesses to nearly 80 lenders. Lendio reported that the key findings included:

  • Utah and California tied at No. 1.
  • In each of the top states, demand for loans increased year-over-year.
  • The states with the biggest percent increase in demand for loans year-over-year were Texas (119%), Illinois (101%), Florida (95%) and Utah (81%).
  • In eight of the top states, the average loan size per borrower increased by 60 percent or more year-over-year.
  • The states with the largest percent increase in average loan size year-over-year were Massachusetts (147%), New Jersey (121%), Colorado (100%) and California (91%).
  • Utah, California, Washington, Texas and Florida remain stronghold states, ranking on the list three years running.
  • New Jersey, Massachusetts, and Illinois ranked among the top 10 states for small business lending for the first time.

Speaking about the list, Brock Blake, CEO and founder of Lendio, stated:

“Lack of financing makes it hard for small business owners to focus on the big picture. This list showcases how online lending technology is giving entrepreneurs the freedom to create, innovate and succeed.”

Lendio added that in 2017 it helped facilitate more than $300 million in funding in all 50 states, a 62% annual increase in loans originated through its platform.

Lendio’s Lender Turndown Program Has Provided $60M to SMEs

Online lender Lendio has reportedly facilitated nearly $60 million in loans through its lender turndown program. Lendio’s lender turndown program allows lending partners to offer a marketplace of loan options to customers that do not fit the lender’s credit box; this allows lenders to turn a decline response into a potential loan offer for the small business owner. This program currently includes about 20 lending partners, and due to the success of the program, Lendio is adding new partners each month. In the last fiscal year, the program saw a 259% increase in the number of loans facilitated.

“We are excited about the rapid growth of this program,” commented Lendio President Jim Granat. “We are seeing an increase of lending partners joining the turndown platform because it allows them to turn an application decision from a ‘no’ into a ‘yes.’ Working closely with our trusted lending partners to provide additional funding options shows their commitment to customer satisfaction; it’s a great way for us to partner in helping main street get much-needed access to capital.”

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Lendio said that its platform leverages its online marketplace of more than 70 lenders and white-glove customer service to make sure that each referral receives access to business loan options. As a result, a majority of customers return to Lendio for one or more renewal loans. For every loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, donates a percentage of funds to low-income entrepreneurs around the world through Kiva.org.

Lendio Announces New Franchise in Rochester, New York

Lendio, an online lending marketplace for small business loans, announced on Thursday the opening of a new Lendio franchise in the Rochester area. Through the Lendio franchise program, R.J. Muto will help local businesses in the community apply for loans, review their options and secure funding, and ease the financial hurdles for small business owners. This news comes just one week after Lendio announced it opened a franchise in Detroit, Michigan.

As previously reported, the Lendio franchise program makes business loans easy by helping small business owners skip the legwork of looking for a small business loan. Franchisees understand the needs of local business owners and can guide them through the lending process. By bridging that gap between the online lending marketplace and the small business owners, Muto will help open a world of funding opportunities for business owners in Rochester’s diversified local economy. While sharing details about the new franchise, R.J. Muto, President of Lendio Regional Lending Services — Rochester, stated:

“Our local economy is undergoing a shift toward more small-to-medium businesses, which can be a tough category for businesses trying to access funding. Lendio’s solutions are not only a perfect match for our economy, but will also be a lifeline for many businesses in the Western New York area.”

Ben Davis, Chief Franchising Officer at Lendio, added:

“Small businesses make up 28 million of America’s businesses. The problem is that an estimated 80 percent of small business loan applications are being rejected by traditional banks. Our core value is to give small businesses access to capital and help fuel the American Dream. We’re excited to expand our franchise program with R.J. We share a passion to see small businesses grow and make a positive impact on the U.S. economy, and the local community.”

Lendio Announces New Franchise in Detroit

Lendio, an online lending marketplace for small business loans, announced on Thursday the opening of its new franchise in the Detroit Metro area. Through the franchise program, Darnell Parker, President of Lendio Regional Lending Services, will help local businesses in the community apply for loans, review their options and secure funding, which notably eases the financial hurdles for small business owners.

According to Lendio, the franchise program makes business loans easy by helping small business owners skip the legwork of looking for a small business loan. The lender revealed:

“Franchisees understand the needs of local business owners and can guide them through the lending process. By bridging that gap between the online lending marketplace and the small business owners, Parker will help open a world of funding opportunities for business owners in Detroit’s diversified local economy.”

While sharing more details about the program, Parker stated:

“I have a passion for supporting small business here in Detroit and franchising with Lendio was a perfect opportunity to help invigorate our local economy. Through the Lendio platform I am able to educate small business owners and empower them to find the loans they need to operate.”

Ben Davis, Chief Franchising Officer at Lendio, then added:

“Small businesses make up 28 million of America’s businesses. The problem is that an estimated 80 percent of small business loan applications are being rejected by traditional banks. Our core value is to give small businesses access to capital and help fuel the American Dream. We’re excited to expand our franchise program with Darnell. We share a passion to see small businesses grow and make a positive impact on the U.S. economy, and the local community.”

Lendio Opens New Franchise in Nashville

Marketplace lending platform Lendio, recently announced its has opened its new franchise located in Nashville, Tennessee. Lendio revealed that its franchise program makes accessing business loans easy by helping small business owners skip the legwork of looking for a small business loan.

The online lender noted that through its franchise program, President of Lendio Regional Lending Services — Nashville, Joe Gadd, will help local businesses in the community apply for loans, review their options and secure funding, easing the financial hurdles for small business owners. While sharing more details about the program, Gadd stated:

“Lendio’s marketplace is a unique and innovative approach to a much-needed service in the lending industry. I was drawn to open my own Lendio franchise because one of the biggest pain points for small business owners is finding and securing the funding they are looking for.”

Ben Davis, Chief Franchising Officer at Lendio, also commented:

“Small businesses make up 28 million of America’s businesses. The problem is that an estimated 80 percent of small business loan applications are being rejected by traditional banks. Our core value is to give small businesses access to capital and help fuel the American Dream. We’re excited to expand our franchise program with Joe. We share a passion to see small businesses grow and make a positive impact on the U.S. economy, and the local community.”

Lendio added that its Nashville franchise will provide greater access to capital to all of the area’s growing and diverse industries.

Lendio Provides More Than $25,000 in Loans to Over 1,200 Small Business Owners Through Lendio Gives on Kiva

On Wednesday, p2p lending platform Lendio announced it has provided loans to more than 1,000 small business owners around the globe through its Lendio Gives program on Kiva. The online lender stated it gave over $25,000 in loans to over 1,200 small business owners in 75 countries. While sharing more details, Brock Blake, CEO and Founder of Lendio, explained:

“Lendio’s mission statement is to fuel the American Dream for small businesses, but the other company pillar is to foster a culture that gives back. That is why we chose Kiva’s ‘Back A Dream’ program, which is highly aligned with Lendio’s mission to help small business owners get access to capital, typically when others have already told them no. It goes without saying that our team is incredible, and I’m extremely grateful to them for generously contributing to support the Lendio Gives initiative through Kiva.”

Lendio also revealed that the top five sectors supported by its funding included agriculture, food, retail, clothing, and services. The lender noted of the loans it has funded, 86 percent have gone to women or women’s groups. Employees reportedly select which loans to support and Kiva then pools Lendio employee funds into $25 increments with other groups to provide loans in more than 80 countries. The top countries Lendio has supplied funding were Zimbabwe, Peru, Haiti, the Democratic Republic of Congo, Ecuador, the Philippines, Kenya, El Salvador, and Senegal.

Lendio added that once it receives repayment, it re-investments the funds by putting it back into new loans.

Lendio Joins Innovative Lending Platform Association

Online lending platform Lendio announced on Thursday it has joined the Innovative Lending Platform Association (ILPA). The lender revealed that through its ILPA membership, it will work other members of the association to advance online small business lending education, advocacy, and best practices.

ILPA describes itself as the leading U.S. trade organization representing a diverse group of online lending and service companies serving small businesses. The organization stated that it and its members are dedicated to advancing best practices and standards that support responsible innovation and access to capital for America’s small businesses. Speaking about the lender’s new membership status with the ILPA, Brock Blake, Lendio’s Founder and CEO, stated:

“At Lendio, we are committed to providing small business owners with a marketplace of loan options that are both transparent and easy-to-comprehend. Our membership in the ILPA allows us to work together with other key players in the space to educate policy, advance best practices, and promote responsible lending. As we continue to fuel the American dream for small business owners across the nation, we’re excited to play a key role in promoting standards that make it easier for a borrower to make an educated and informed decision.”

Scott Stewart, CEO of the Innovative Lending Platform Association, then added:

“The ILPA is delighted to welcome Lendio as the newest member of our organization. We are excited to work with Lendio and our membership on crucial initiatives including enhanced disclosure and cost transparency for small business borrowers via the SMART Box tool.”

The SMART Box is a priority initiative for the ILPA and was developed in response to a need for common verbiage and standardization in pricing disclosure in small business finance.