Lendio is a small business online marketplace with the vision of revolutionizing small business lending. With banks rejecting about 80% of small business loan applicants, Lendio was born to help small business owners get the funding they need.
They believe that a prosperous America starts with small businesses. Therefore, access to capital should be simpler and quicker for small business owners.
Since their foundation, they have facilitated more than 216,000 loans to the value of over $10,000,000,000 to help small businesses hire staff, buy equipment, or maybe help them stay open. As their next milestone, they want to reach one billion dollars in small business loans to contribute to the American economy. They believe this $1,000,000,000 in small business funding will create more than 25,000 jobs, having an economic impact of $1,207,000,000 per year.
As part of their commitment to giving back, Lendio donates a percentage of the funds from every loan facilitate in the platform to low-income entrepreneurs through their program “Lendio Gives.”
Business Financing Options with Lendio
As part of its wide network of lenders, Lendio offers different options to make sure you can find the right one for your business:
- Business Line of Credit: It is one of the most flexible ways for financing, as you can use the capital for different things, from hiring staff to upgrading the office.
- SBA Loan: A government-backed loan that may offer better rates and terms than a bank one.
- Short Term Loan: A loan to cover unexpected costs, keep the doors open during a short hard time, or finance a short term project.
- Merchant Cash Advance: It allows you to borrow money based on your business’s future revenue.
- Business Term Loan: A traditional small business loan that you can pay back in instalments to easily predict your repayments.
- Equipment Financing: To cover the tools or resources needed for nearly any industry.
- Commercial Mortgage: Designed to help your business building-related financial costs.
- Accounts Receivable Financing: Get fast access to cash by selling your purchase orders or receivables.
- Start-up Loan: Designed to help you get started with the business.
- Business Acquisition Loan: Designed to help you buy a business.
With so many options and their network of lenders, Lendio makes it easy to get your small business funded, whatever your needs may be.
How It Works
As part of their commitment to making loans more accessible and straightforward to small businesses, Lendio makes it easy to get funded. Small business owners can visit Lendio’s website and follow 3 simple steps:
- Apply: Their application process takes 15 minutes, and it is all completed online, even if they need to request extra documentation. Also, there is no fees nor obligation for applying.
- Compare Options: With over 75 lenders in their marketplace and their guidelines and help, they make it more accessible for you to find the right small business loan. Using a single application, you can access Lendio’s nationwide network of lenders.
- Get Funded: After your loan has been approved, you will have access to the capital in as little as 24 hours.
If you have any questions, you can to an expert or visit a location to help you get funds for your small business loans.
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