Small business loan marketplace Lendio this week opened a franchise in Charlotte, North Carolina. Through the Lendio franchise program, Chris Cronk will help local businesses in the community apply for loans, review their options and secure funding.
Lendio is an online service helping business owners find the working capital they need to grow their business through the company’s network of more than 75 lenders. Funding options include SBA loans, startup loans, equipment loans, commercial real estate loans and more. In the last fiscal year alone, Lendio facilitated more than $300 million in funding.
Lendio 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, Mr. Cronk will help open a world of funding opportunities for business owners in the South Charlotte region’s diversified local economy.
As an investment banker for Bank of America Merrill Lynch, Mr. Cronk advised and facilitated financing for companies of all shapes and sizes, and eventually transitioned into an investment and advisory role with local small businesses.
“I’ve worked with numerous companies and witnessed their struggles to find capital,” he said. “Charlotte is a fast-growing market and community. I’m excited to be a part of that growth by helping businesses in every industry find funding.”
From equipment financing for the area’s construction and trucking companies to startup funds and working capital for local tech firms, Mr. Cronk is equipped to facilitate funding for all of the region’s growing sectors. His franchise will benefit from Lendio’s strong, built-in supports, marketing campaigns and extensive hands-on training with a wide array of financing options and loan products.
“Eighty per cent of small business loan applications are being rejected by traditional banks,” said Ben Davis, Lendio’s chief franchising officer. “Lendio’s core value is to give small businesses better access to capital, and we’re excited to expand our franchise program with Chris. We share a passion to see small businesses grow and make a positive impact on the U.S. economy, and the local community.”
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