Lendio Franchising, Lendio’s marketplace lending franchise program, announced on Tuesday it has facilitated $50 million in loans to over 1,800 small businesses around the U.S. According to Lendio, the loans through the franchise provide a boost to small businesses in industries ranging from healthcare to trucking, with an estimated economic impact of $165,505,834 across local economies.
“Lendio franchisees facilitate access to small business growth capital through a wide range of loan options backed by the nation’s largest business loan marketplace. Furthermore, through strategic partnerships with community banks and local SBA lenders, these franchisees provide a more localized approach to lending.”
Speaking about the milestone, Mark Cottle, Executive Vice President of Franchising at Lendio, stated:
“Lendio’s franchise owners are dedicated to helping lift small business owners in their communities. Their understanding of local business trends, needs, and strengths combined with access to Lendio’s extensive lender network is what has led to this funding milestone in such a short amount of time.”
Lendio then noted that Since Lendio Franchising began funding small businesses, the demographics of borrowers have evolved. Applicants on average are getting younger, with the percentage of borrowers between the ages of 25 and 34 notably increasing faster than any other age group. Lendio added:
“Newer businesses also are being funded more regularly, with the average time in business dropping from 11 years to just under eight. Women-owned businesses still represent only 25% of all borrowers funded. However, the number of female loan applicants increased by 89% in the last two years, while the number of male applicants grew by 75%.”