Lendio announced on July 27 that it surpassed $500 million in business loans to over 21,000 small businesses across the U.S. and parts of Canada through its marketplace lending platform.
The company’s latest statistics show that the average loan size among Lendio’s small business customers is $26,873. The top five industries funded in its marketplace are construction, restaurants, retail, healthcare, and manufacturing. Lendio also helps small businesses get loans faster, with 70% of businesses getting funding within five days of submitting an application.
Brock Blake, CEO and founder of Lendio, said:
“Small businesses create the lion’s share of economic growth and jobs in this country. Lendio is proud of the impact that $500 million in business loans is having on the American economy. From restaurants and retail shops, to plumbers and landscapers, our team is passionate about providing the access to capital to help these businesses grow, recharge and thrive.”
Lendio has achieved this remarkable milestone in less than four years of its launch. The company had a 141% increase in loans originated by them in the last fiscal year.
The company’s first loan was awarded in 2013 to a seafood restaurant in Charleston, South Carolina, looking for equipment to help its business expand. The $500 millionth loan was provided to VaKA Burger Express in downtown Los Angeles, California.
“This is the second time VaKA Burger has utilized Lendio for funding. I reached out on Thursday and got funding by Monday night. Lendio works with lenders that look out for the best interest of your business by offering some of the best rates. This, to me, speaks volumes because it tells me they want to see small business owners succeed,” said Esmeralda Y. Perez, owner of VaKA Burger.