Online lending platform Lendio announced on Wednesday its latest report reveals how its network of lenders converged to help secure $8 billion in Paycheck Protection Program (PPP) approvals. The lender reported that more than 100,000 small business owners utilized its online application to access the economic relief funds made available through the Small Business Administration (SBA).
As previously reported, the PPP is part of the $2 trillion CARES Act signed on March 27, 2020, aimed at getting small business owners back on their feet and millions of Americans back to work following the COVID-19 pandemic. Following the first round, U.S. Senate passed $484 billion in new pandemic relief funds to provide additional funding to the PPP small business aid program, pay for coronavirus testing, and help hospitals deluged by sick patients during the COVID-19 pandemic. Lendio released a report last month highlighting the impact of PPP loans facilitated through its platform from April 3, 2020, to June 30, 2020. The report’s findings included the following:
- An estimated 1.1 million jobs have been retained through PPP loans facilitated by Lendio.
- The states with the most jobs retained are Florida (198,013), California (158,829), Tennessee (99,386), Texas (95,657), and New York (53,572).
- 98% of PPP applicants through the Lendio platform are first-time Lendio customers.
- The average loan amount is highest in Indiana ($172,349), District of Columbia ($148,302), Wyoming ($101,622), Maryland ($93,816) and New Jersey ($91,433).
- The average loan amount is lowest in North Dakota ($25,482), Mississippi ($35,412), Iowa ($36,065), Oklahoma ($36,885) and Nebraska ($37,135).
- The percentage of loans to women-owned businesses is highest in Montana (45%), Hawai (42%), Nebraska (40%), Vermont (39%), and New Mexico (38%).
- The top industries funded are construction, healthcare, restaurants, retail, and manufacturing.
Speaking about the program’s success on the lending platform, Brock Blake, CEO and Co-founder of Lendio, stated:
“The Paycheck Protection Program was an ambitious endeavor from the onset. Without our lending partners, big and small, thousands of small business owners would have been left out of the program. We are grateful for the wide array of lenders who joined forces with the singular goal of saving small businesses.”
See the latest Lendio PPP infographic below.