Lendio, a free online service that helps business owners find the right small business loans within minutes, announced it has helped facilitate more than $500 million in financing to more than 21,000 small businesses across the U.S.
According to a press release, the average loan size for Lendio’s small business customers is $26,873, with the top five industries funded through the site being construction, restaurants, retail, healthcare and manufacturing.
“Small businesses create the lion’s share of economic growth and jobs in this country,” said Brock Blake, chief executive officer and founder of Lendio. “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 offers a marketplace of more than 75 small business lenders in all 50 U.S. states and parts of Canada. The growth milestone comes after a 141 percent increase in loans originated through the Lendio platform in the last fiscal year, and comes less than four years after Lendio launched its marketplace.
The company’s first loan was awarded in Q4 2013 to a seafood restaurant in Charleston, South Carolina, looking for equipment to help its business expand. The 500 millionth dollar was funded by one of Lendio’s top lenders, American Express Merchant Financing, and provided working capital to VaKA Burger Express in downtown Los Angeles, California.
“This is the second time VaKA Burger has utilized Lendio for funding,” said Esmeralda Y. Perez, owner of VaKA Burger. “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.”