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Lendio was featured in CNNMoney this morning, where it was referred to as a, "small biz loan matchmaker." The article goes on to describe the headache that an Alabama small business had when trying to secure funding. After being turned down by a bank, the business turned to Lendio and was able to secure funding within a week through On Deck Capital.
The article also shares some stats on Lendio:
- Loans range from $5,000 to $1 million
- 2010 revenue was $8.6
- Since March it has received 3,000 loan requests
- Loan approval rate is 50-70%
Match Financing (www.matchfinancing.com) offers a similar service that makes it easy to find and compare business loans. The sign-up is simple and it is free for borrowers. I think that this type of service is going to see strong growth as more and more borrowers begin their search for a new loan online.
I know both companies and executives personally. Great bunch!
cheers to the accomplishment:
Just watched the demo video you have provided on this post and honestly I get thrilled with what it says there. I very interested on how Lendio works as the primary source of finance in the whole world.
Maybe I am slow, but I don't get loans for small business. Business that need that money probably don't have the revenue to be able to pay it back in a timely manner (it't rare a company can turn around the investment/loan dollars into revenue in a short time), and those that would be able to pay it back don't really need to extra capital.