U.S.-based online lending platform Lendio announced this week it has plans to double the sales force at its Lehi, Utah, and Woodbury, New York, offices. The lender reported that it has hired 80 employees in 2019 and intends to add another 40 sales representatives by the end of the year, with plans to bring on another 40 in the first quarter of 2020.
Lendio also revealed it plans to showcase its selection of loan products for small businesses, with a 10% increase in the number of product offerings in the coming year.
“The company’s recent expansion and plans for growth are a direct response to the growing demand for capital among small business owners in the U.S. Lendio’s SMB Economic Insights report shows the demand for business loans in Q2 2019 increased by 57% over the previous three-quarter average. Additionally, more and more business owners are looking to online lending to meet their unique capital needs. According to the Federal Reserve 2019 Small Business Credit Survey, the number of applicants turning to online lenders has nearly doubled since 2016.”
Speaking about the expansion of both team and products, Brock Blake, CEO and founder of Lendio, went on to add:
“Business owners are hungry for growth capital. But they have unique requirements. Lendio’s specialized sales team takes the high-tech, high-touch approach to facilitating funding. They offer business owners a quick, tech-driven application and loan matching process, but also provide a hands-on, consultative service to help them select the best loan.”