Introduction
Navigating the world of small business financing can be a daunting task. With countless options, complex terms, and varying interest rates, it’s easy to feel overwhelmed when trying to secure funding for your business. That’s where Lendio (www.lendio.com) comes in. Formerly known as Funding Universe, Lendio is a free online loan marketplace that aims to simplify the process for small business owners in the United States. In this blog post, we’ll introduce you to Lendio, discuss its features, benefits, and how it can help you find the best financing solution for your business.
What is Lendio?
Lendio is an online platform that connects small business owners with a vast network of lenders, providing access to various loan products such as SBA loans, term loans, lines of credit, equipment financing, and more. By aggregating multiple lenders in one place, Lendio streamlines the loan application process, saving business owners time and effort.
Lendio’s platform reviews metrics including the business’s financial projections, use of funds, industry, and monthly revenue to find loans option for borrowers. The platform uses a series of questions to predict which loan type will most likely match a business owner’s qualifications. Each borrower is also assigned a funding manager to answer questions through the entire process. Lendio’s online application process takes an average of 15 minutes to complete, compared with an average 25 hours filling out traditional lending applications. Small business owners are offered financing options including credit cards, lines of credit, short-term specialty loans and long-term traditional loans.
–Wikipedia
How does Lendio work?
To get started with Lendio (www.lendio.com), you’ll need to create a free account and fill out a straightforward online application. The application requires information about your business, financials, and the purpose of the loan. Once your application is submitted, Lendio’s algorithm matches your business with suitable lenders from its network. You’ll then receive personalized loan offers, which you can compare and choose the one that best fits your needs.
Lendio’s vast network of lenders
Lendio partners with over 75 lenders, including major banks, credit unions, and alternative lending institutions. This extensive network ensures that you’ll have access to a diverse range of loan products and competitive interest rates. Whether you’re looking for a short-term loan to manage cash flow or a long-term loan for a significant investment, Lendio’s platform can connect you with the right lender for your needs.
Expert guidance and support
One of the standout features of Lendio is the personalized guidance and support it offers to small business owners. Once you submit your application, you’ll be assigned a dedicated funding manager who will guide you through the entire loan process. Your funding manager will help you understand the loan offers, negotiate terms, and even assist with the paperwork.
Lendio’s loan products
Lendio offers a comprehensive range of loan products to cater to the diverse needs of small businesses. Some of the most popular loan options available through the platform include:
- Small Business Administration (SBA) loans
- Business term loans
- Business lines of credit
- Equipment financing
- Commercial mortgages
- Accounts receivable financing
- Startup loans
Speed and efficiency
Lendio’s platform is designed to provide a quick and efficient loan application process. Its online application can be completed in just 15 minutes, and once submitted, you can expect to receive loan offers within 72 hours. The speed at which Lendio connects businesses with lenders is a significant advantage, especially for those in need of urgent financing.
No cost, no obligation
Lendio’s services are completely free for small business owners. The company earns revenue through referral fees from lenders, which means there is no cost to you for using the platform. Moreover, there is no obligation to accept any of the loan offers you receive. You are free to review and compare offers, and choose the one that best suits your business needs.
Trust and security
Lendio takes the security and privacy of its users seriously. The platform uses industry-standard encryption to protect your personal and financial information. Lendio is also accredited by the Better Business Bureau (BBB) and has consistently received high ratings and positive reviews from its users.
Educational resources
In addition to its loan marketplace, Lendio offers a wealth of educational resources to help small business owners make informed decisions about financing. The Lendio blog features articles on various topics, including business management, industry trends, and financing tips. The platform also offers webinars and e-books to further support small business owners in their financing journey.
Who can benefit from Lendio?
Lendio is designed to cater to the needs of small business owners across various industries, from retail and hospitality to construction and e-commerce. Whether you’re a startup looking for initial funding, an established business seeking to expand, or a company in need of a financial boost to overcome a temporary setback, Lendio can help you find the right financing solution.
Conclusion
Lendio is revolutionizing the small business financing landscape with its streamlined loan marketplace. By connecting small business owners with a vast network of lenders, offering personalized guidance, and simplifying the loan application process, Lendio is making it easier than ever for entrepreneurs to secure the funding they need to grow and succeed. If you’re a small business owner in search of financing, Lendio is a platform you should definitely consider exploring.
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Founded in 2011, Lendio facilitated its first loan in Q4 2013. In 2014, it coordinated $12.4 million in funding to more than 400 small business owners. By 2015, the company had expanded to $128 million in financing, helping more than 5,100 small business owners in all 50 states.
In October 2016, Lendio raised $20 million in funding from Comcast Ventures and Stereo Capital with participation from existing investors Napier Park, Blumberg Capital, Tribeca Venture Partners, and North Hill Ventures. By 2016, it had delivered over $250 million in total funding to more than 10,000 small businesses.
In Q2 2018, Lendio reported 90% year-over-year revenue growth. In October 2018, Lendio announced it had serviced $1B of total loans to over 51,000 small businesses across the country, providing $3.8B in economic output.
In Q1 2020, Lendio announced it had secured $55M in a Series E Funding Round.
In the first month of the Paycheck Protection Program during the COVID-19 pandemic, Lendio onboarded hundreds of lenders to help facilitate what would eventually amount to $8 billion in loan approvals for over 100,000 businesses.