On Thursday, small business lending platform Lendio announced it has officially raised $250 million in funding for over 10,000 small businesses. The company also unveiled second quarter results, which reportedly showed the website facilitated over $55 million in funding to small businesses during the time period, which is an 86% increase from the $29.5 million that was reported in 2015’s second quarter.
Sharing details about the new milestone and quarter results, Brock Blake, CEO of Lendio, stated:
“We are thrilled to report that we continue to see strong growth across all key metrics for our business. Lendio’s marketplace remains both strong and steady, despite pessimism in the market, as we’ve helped accelerate growth for more than 10,000 small business owners nationwide. It is especially gratifying to know we are in a unique position to bring funding options to entrepreneurs that may not otherwise have access to those critical resources, and we love to see how it empowers these small business owners to successfully make their dreams a reality.”
Other 2016 second quarter highlights include:
- 2,400 new businesses funded, which is a 133% increase over first quarter
- Record number and volume of loan renewals
- Loans funded in all 50 states
- Top 10 states were California, Florida, Texas, New York, Georgia, Illinois, New Jersey, North Carolina, Virginia and Colorado
- Top industries include construction, transportation, retail, healthcare, restaurant, manufacturing and automotive
- Lendio is now certified by Great Place to Work
The release of the second quarter results comes nearly a month after Lendio announced its support for the SMART Box initiative, which was developed by members of the Innovative Lending Platform Association (ILPA). Blake commented:
“As leaders and stewards in this industry, we feel it is imperative to rally around a common ground of best practices so the responsible flow of capital to Main Street continues and expands. Providing business owners with the most complete information is one way to make sure that happens.”
