Earlier this week, Lendio announced its third annual Top 10 States For Small Business Lending list. According to Lendio, the list’s results were based on lending data from its online lending platform, which matches businesses to nearly 80 lenders. Lendio reported that the key findings included:
- Utah and California tied at No. 1.
- In each of the top states, demand for loans increased year-over-year.
- The states with the biggest percent increase in demand for loans year-over-year were Texas (119%), Illinois (101%), Florida (95%) and Utah (81%).
- In eight of the top states, the average loan size per borrower increased by 60 percent or more year-over-year.
- The states with the largest percent increase in average loan size year-over-year were Massachusetts (147%), New Jersey (121%), Colorado (100%) and California (91%).
- Utah, California, Washington, Texas and Florida remain stronghold states, ranking on the list three years running.
- New Jersey, Massachusetts, and Illinois ranked among the top 10 states for small business lending for the first time.
Speaking about the list, Brock Blake, CEO and founder of Lendio, stated:
“Lack of financing makes it hard for small business owners to focus on the big picture. This list showcases how online lending technology is giving entrepreneurs the freedom to create, innovate and succeed.”
Lendio added that in 2017 it helped facilitate more than $300 million in funding in all 50 states, a 62% annual increase in loans originated through its platform.