Lendio

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.

Lendio logo

In October 2018, Lendio announced[1] 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[2] of the Innovative Lending Platform Association,[3] 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.[4]

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[5] for small business owners, including:

  • Business Line of Credit
  • SBA Loan
  • Short Term Loan
  • Merchant Cash Advance
  • Business Term Loan
  • Business Credit Card
  • Equipment Financing
  • Commercial Mortgage
  • Accounts Receivable Financing
  • Startup Loan
  • Business Acquisition Loan

Company growth

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,[6] helping more than 5,100 small business owners in all 50 states.

In October 2016, Lendio raised $20 million[7] 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[8] to more than 10,000 small businesses.

In Q2 2018, Lendio reported[9] 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[10] 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[11] across the U.S.

Partnerships

In April 2018, Lendio announced[12] 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:

Leadership
  • Brock Blake: CEO, Founder[15]
  • Trent Miskin: CGO, Founder[16]
  • Ben Davis: Chief Revenue Officer[17]
  • Brett Child: EVP Sales, Founder[18]
  • Chad Iverson: COO[19]
  • Jennifer Hamelin: Chief of Staff[20]
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References
  1. "Lendio Milestone: Tops $1 Billion in Business Loans Facilitated Through Online Marketplace". Crowdfund Insider. 15 October 2018.
  2. Zerucha·Fin-Tech·October 20, Tony; Views, 2017·1 Min Read·28 (21 October 2017). "Lendio joins ILPA". Bankless Times.
  3. "/innovativelending". innovativelending.org. Retrieved 2018-11-02.
  4. Karen Gordon Mills; Brayden McCarthy (2016-11-29). "The State of Small Business Lending: Innovation and Technology and the Implications for Regulation" (PDF). Harvard Business School. Retrieved 2018-11-02.
  5. "Business Loans". Lendio. Retrieved 2018-11-02.
  6. "Lendio Momentum Soars in 2015 with Record Revenue and Customer Growth". prweb.com. Retrieved 2018-11-02.
  7. By Pymnts (2016-10-26). "Lendio's Latest Round Led By Comcast". PYMNTS.com. Retrieved 2019-03-27.
  8. "Lendio Tops $250 Million in Funding to 10,000-plus Small Businesses". prweb.com. Retrieved 2018-11-02.
  9. GmbH, finanzen net. "Lendio Reports Q2 Results: 90% Year-Over-Year Revenue Growth - Markets Insider". markets.businessinsider.com.
  10. "Lendio Unveils New Marketplace Lending Franchise Program". Crowdfund Insider. 1 March 2017.
  11. Starr, Rob (6 October 2018). "Lendio Offers Franchise Opportunities to Serve the Small Business Financing Market".
  12. Stone, Todd. "Lendio's New Turndown Program Grows".
  13. By Pymnts (2017-06-13). "Lendio And Comcast Pair On SMB Lending". PYMNTS.com. Retrieved 2019-03-27.
  14. Lendio. "Lendio Partners with Ocrolus to Automate Bank Statement Analysis". www.prnewswire.com.
  15. "www.linkedin.com/in/brockblake/". linkedin.com. Retrieved 2018-11-02.
  16. "www.linkedin.com/in/trentmiskin/". linkedin.com. Retrieved 2018-11-02.
  17. "www.linkedin.com/in/benjaminndavis/". linkedin.com. Retrieved 2018-11-02.
  18. "www.linkedin.com/in/blchild/". linkedin.com. Retrieved 2018-11-02.
  19. "www.linkedin.com/in/chad-iverson-89560/". linkedin.com. Retrieved 2018-11-02.
  20. "www.linkedin.com/in/jenniferhamelin/". linkedin.com. Retrieved 2018-11-02.
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