The digital connectivity of Web.com will help power Lendio's business loan marketplace to enable businesses to access streamlined capital to help out with the current economic woes. Lendio's services, as usual, will aid with helping businesses find the right lender for their needs, thus eliminating the time-consuming process of looking themselves.
Web.com chief product officer Chris Ortbals said the idea of the partnership was to help small businesses find uniquely helpful solutions.
“Small businesses are diverse and there’s not a one-size-fits-all financing solution for them,” he said, according to the release.
The pandemic has exacerbated problems, and according to Fed Small Business data, less than half of small businesses said their funding needs were satisfactory. Funding shortfalls were sharpest for firms with needs for $100,000 to $250,000 in funds, the press release says.
Lendio founder and chief executive Brock Blake said he hoped the partnership would help speed up businesses’ access to capital during the current crisis.
“We are excited to partner with Web.com Group, which shares our passion for providing small business owners with tools to succeed,” he said, according to the release. “Whether it’s addressing cash-flow related issues, helping business owners apply for federal relief funds or assisting those who are poised for growth, Lendio looks forward to helping these merchants innovate and succeed.”
In addition, Lendio will continue facilitating Paycheck Protection Program (PPP) loans, the press release says.
In February, Lendio got $55 million in a Series E funding, a PYMNTS report states. The company was planning at that time to use the funds to add new bookkeeping and lending options for B2B payments. That round included $31 million in equity from Mercado Partners; older backers Napier Park, Comcast Ventures, Blumberg Capital, Stereo Capital and Runa Capital also took part.