On Wednesday, p2p lending platform Lendio announced it has provided loans to more than 1,000 small business owners around the globe through its Lendio Gives program on Kiva. The online lender stated it gave over $25,000 in loans to over 1,200 small business owners in 75 countries. While sharing more details, Brock Blake, CEO and Founder of Lendio, explained:
“Lendio’s mission statement is to fuel the American Dream for small businesses, but the other company pillar is to foster a culture that gives back. That is why we chose Kiva’s ‘Back A Dream’ program, which is highly aligned with Lendio’s mission to help small business owners get access to capital, typically when others have already told them no. It goes without saying that our team is incredible, and I’m extremely grateful to them for generously contributing to support the Lendio Gives initiative through Kiva.”
Lendio also revealed that the top five sectors supported by its funding included agriculture, food, retail, clothing, and services. The lender noted of the loans it has funded, 86 percent have gone to women or women’s groups. Employees reportedly select which loans to support and Kiva then pools Lendio employee funds into $25 increments with other groups to provide loans in more than 80 countries. The top countries Lendio has supplied funding were Zimbabwe, Peru, Haiti, the Democratic Republic of Congo, Ecuador, the Philippines, Kenya, El Salvador, and Senegal.
Lendio added that once it receives repayment, it re-investments the funds by putting it back into new loans.