Camino Financial, a U.S.-based fintech that is seeking to provide affordable credit and financial products for underserved small businesses, announced on Wednesday it has teamed up with Lendio to provide small business funding to underserved communities, specifically for Black and Latinx communities.
Founded in 2014, Camino Financial describes itself as an online finance company offering business loans and solutions to help small businesses grow.
“As a tech-driven company, Camino Financial has created an online credit and educational experience that helps businesses improve their financial performance and graduate into cheaper and longer term loans.”
Sean Salas, CEO of Camino Financial, stated that the partnership with Lendio is aiming to ensure more Black and Latinx owners’ capital needs are met, especially due to financial burden during the COVID-19 pandemic. Brock Blake CEO and co-founder of Lendio, further commented:
“Lendio is thrilled to be partnering with Camino Financial to open up funding opportunities to more business owners across the U.S. Lendio and Camino are aligned in our mission to make access to capital more inclusive, particularly for very small businesses and for women- and minority-owned businesses.”
Since the platform’s debut, Lendio has facilitated $10 billion in more than 216,000 loans. Lendio works with more than 74 lenders to provide credit to SMEs in need of funding. Founded in 2011, Lendio is a free (for the borrower) digital service that connects business owners with small business loans. Blake previously shared with Crowdfund Insider the milestones Lendio experienced in 2020, despite the COVID-19 pandemic.
“It’s hard to comprehend how much has shifted in the last year. Lendio started 2020 with a bang, announcing a $55 million Series E funding round and ramping up several new divisions of the company. However, that was soon eclipsed by the team’s pivot to facilitating PPP loans. In total, we helped over 115,000 small business owners to get $8 billion in PPP loan approvals. This meant that in the blink of an eye, Lendio went from $2 billion in loans facilitated to $10 billion in loans facilitated. While I sincerely wish that small business owners didn’t have to endure the economic devastation of 2020, I am incredibly proud of the Lendio team for working tirelessly to help so many businesses access relief funds.”
Blake added that Lendio had grown nearly 75% YoY, and even amid the turbulence of 2020, he and his team saw an increase in annual revenue.