Online lending platform Lendio announced on Tuesday it has formed a new partnership with Lendistry, an online lender that focuses on providing economic opportunities and progressive growth for minority small business owners and those in underserved communities. Lendio reported that through this partnership, it will provide a streamlined application and loan matching process for business owners challenged to access funding.
According to Lendio, Lendistry began lending in 2015 with a mission to “make the dream” of owning a small business accessible to everyone. Many promising entrepreneurs are challenged to access the funding they need to start, operate, and grow a business.
“With thousands of small businesses enduring temporary closures and ongoing economic uncertainty, Lendistry and Lendio’s shared mission to fuel entrepreneurship will provide much-needed access to government relief funds as well as working capital as businesses seek to reopen and rebuild.”
While sharing more details about the partnership, Brock Blake, CEO and Co-Founder of Lendio, stated:
“Lendistry’s mission-driven approach to financing small businesses aligns with our own commitment to fueling the American dream. Now more than ever, business owners in underserved communities need funding to keep them going and help them plan for the future. Lendistry’s experience and expertise coupled with Lendio’s high-tech, consultative approach will do just that.”
Everett K. Sands, CEO of Lendistry, added:
“Partnering with Lendio will allow us to connect more of these business owners to a diverse range of capital solutions, whether in the form of SBA relief funds for their short-term needs or ongoing financing to facilitate long-term growth and success.”
Meanwhile, Lendio revealed that it has facilitated over $8 billion in Paycheck Protection Program (PPP) loans for more than 100,000 small businesses across the U.S. Many of these are among the smallest of small businesses; the average PPP loan size facilitated through Lendio is $65,000, where the national average is around $114,000. The lender noted that as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the federal government created the PPP and set aside $650 billion to help small businesses.
