Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

By Pavithra R

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses.

The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the small business community. Lendio’s recent report regarding the three-month program highlighting the impact of PPP loans shows the demographic, regional, and industry distribution of loans in all 50 states, the District of Columbia and the U.S. Virgin Islands to date. The reports’ key findings include:

• 98% of PPP applicants through the Lendio platform are its new customers.
• An estimated 1.1 M jobs have been retained through PPP loans facilitated by Lendio.
• The states with the most jobs retained are Florida (198,013), California (158,829),Texas (95,657), Tennessee (99,386), and New York (53,572).
• The average loan amount is highest in Indiana ($172,349), District of Columbia ($148,302), Maryland ($93,816), Wyoming ($101,622), and New Jersey ($91,433).
• The average loan amount is lowest in North Dakota ($25,482), Mississippi ($35,412), Oklahoma ($36,885), Iowa ($36,065) and Nebraska ($37,135).
• The percentage of loans to women owned businesses is highest in Montana (45%), Vermont (39%), Hawai (42%), Nebraska (40%), and New Mexico (38%).
• The top industries funded are construction, restaurants, retail, healthcare, and manufacturing.

The SBA and its private partners saw unprecedented demand for emergency relief funding throughout the PPP. Lendio became a platform for business owners to connect with banks, non-bank lenders and FinTech providers distributing stimulus funds. The average PPP loan size on the Lendio platform is $73,000 compared to the national average of around $107,000.

“From the early stages of the PPP, Lendio voiced strong public concern over the number of small businesses that would be unfairly left out of the program. We opened our doors, so to speak, to every business owner, including those without a prior relationship with an SBA lender. We are grateful to our lending partners who came together with us in this effort to widely distribute relief funds and eliminate disparities in access to the program,” said Brock Blake, CEO and co-founder of Lendio.

Recently, Lendio partnered with Lendistry to ease capital access for Underserved Communities.

“Lendio was founded on the principle of advocating for the financial needs of the smallest of businesses. It’s been heartbreaking to see the devastating effects of the pandemic on these business owners and their employees. While economic uncertainty remains, Lendio’s mission to make funding accessible to every small business continues; as long as the program remains open, Lendio will facilitate PPP loans. We will also continue to provide additional financial solutions for business owners to help them through the reopening and rebuilding phase,” added Blake.

Founded in 2011, Lendio is a free online service that helps clients find the right small business loans instantly. According to company data, the FinTech has performed over 2+ B funds and has more than 300 lenders in its network. Prior to its role in facilitating PPP loans during the pandemic, Lendio had originated just over $2 B to 110,000 small businesses since its inception in 2011.