The numbers are in and they paint a successful 2015 at small business loan marketplace Lendio.
Lendio, a site where small businesses in search of financing can compare loan products from multiple companies, facilitated more than $128 million of financing for 5,100 small business owners in all 50 states. Those numbers are dramatic increases from 2014’s 400 small businesses which secured $12.4 million in funding.
“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 and 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.”
Chris Millett is runs one of the companies to find financing on Lendio. The owner of Houston-based SMATCOE (Science, Math and Technology Centre of Excellence), an educational service for high school students had already tapped his 401k and needed another avenue if he was to expand SMATCOE’s online presence.
“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,” Mr. Millett said. “By leveraging Lendio’s network of lenders, I was able to secure financing and grow revenue. As a result, people are starting to understand what my business is and how it can help their children succeed.”