Lendio, founded in 2011 by Brock Blake and Trent Miskin, is a small business loan marketplace in the U.S. Small business owners utilize Lendio's free online service to find financing by browsing multiple loan products from a network of lenders. In October 2018, Lendio announced it had serviced over $1B in total loans to small businesses across the country, generating an estimated $3.8B in gross economic output. Lendio is a member of the Innovative Lending Platform Association, a trade organization that supports online lending and service companies assisting small businesses.
Lending platform
Lendio's platform reviews metrics including the business's financial projections, use of funds, industry, and monthly revenue to find loans option for borrowers. The platform uses a series of questions to predict which loan type will most likely match a business owner's qualifications. Each borrower is also assigned a funding manager to answer questions through the entire process. Lendio's online application process takes an average of 15 minutes to complete, compared with an average 25 hours filling out traditional lending applications. The Lendio platform includes loan options from Bank of America, American Express, Kabbage, OnDeck, and Headway Capital, among others. Small business owners are offered financing options including credit cards, lines of credit, short-term specialty loans and long-term traditional loans.
Loan types
Lendio offers a variety of loans for small business owners, including:
Founded in 2011, Lendio facilitated its first loan in Q4 2013. In 2014, it coordinated $12.4 million in funding to more than 400 small business owners. By 2015, the company had expanded to $128 million in financing, helping more than 5,100 small business owners in all 50 states. In October 2016, Lendio raised $20 million in funding from Comcast Ventures and Stereo Capital with participation from existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners, and North Hill Ventures. By 2016, it had delivered over $250 million in total funding to more than 10,000 small businesses. In Q2 2018, Lendio reported 90% year-over-year revenue growth. In October 2018, Lendio announced it had serviced $1B of total loans to over 51,000 small businesses across the country, providing $3.8B in economic output.
Franchising
Launched in early 2017, the Lendio Franchising program is the world's first franchised online lending marketplace; it has since grown to 29 franchise territories nationwide, and facilitated $16 million to over 500 small businesses across the U.S.
Partnerships
In April 2018, Lendio announced its lender turndown program, which allows lending partners to offer Lendio's marketplace of loan options to small business owners that do not fit the lender's credit box. Lendio also works with the following organizations to better serve the small business community:
