Small business loan marketplace Lendio announced it has matched borrowers with more than $500 million in loans on its platform since it facilitated its first loan in 2013. That’s more than half a billion dollars in working capital extended to empower small businesses.

These funds have been distributed from Lendio’s network of more than 75 small business lenders to more than 21,000 businesses across the U.S. This growth comes after the company reported an increase of more than 1.4X in loans originated via the Lendio platform in the last year.

“Small businesses create the lion’s share of economic growth and jobs in this country. Lendio is proud of the impact that $500 million in business loans is having on the American economy,” said Brock Blake, CEO and founder of Lendio. “From restaurants and retail shops, to plumbers and landscapers, our team is passionate about providing the access to capital to help these businesses grow, recharge and thrive.”

Lendio showcased its marketplace at FinovateSpring 2011. The company’s average loan size is just under $27,000 and Lendio reports that 70% of businesses received the funds they requested within five days of submitting an application. The top business categories funded on Lendio’s marketplace include construction, restaurants, retail, healthcare, and manufacturing.

Last month, the Utah-based company began a pilot with Comcast Business customers that offers streamlined access to the Lendio marketplace. Earlier this spring, the company launched a marketplace lending franchise program that gives Lendio franchisees get access to Lendio’s marketplace and technology, training, branded marketing tools and advertising, partnerships, and training. In the fall of 2016, the company landed $20 million in funding, bringing its total raised to $31 million. Lendio’s partners include American Express and Finovate alums BlueVine, Lending Club, On Deck, and Kabbage.

Lendio has expanded its approach to client acquisition this week by offering franchising opportunities. This boots-on-the-ground approach supports the company’s vision of helping small business owners achieve the American Dream.

Brock Blake, CEO and founder of Lendio said, “With 80 percent of small business loan applications being rejected by traditional banks, now more than ever, small business owners need access to various sources of funding. Having a local presence will help bridge the awareness and trust gap for small business owners, helping borrowers position themselves and their companies for a great future.”

Franchise owners will work with local small business owners in their community to support their needs for working capital. The Salt Lake City-based company will support franchisees by giving them access to Lendio’s marketplace and technology, training, marketing tools, national advertising, and partnerships. Franchise owners will also receive coaching from Lendio’s franchise support team, who will guide them through the process. The company currently has franchisees in five territories, with “significant interest” in many others.

Lendio’s Ben Davis, chief franchising officer said, “Lendio franchisees bring a wealth of knowledge about local businesses and their capital requirements” to “Lendio’s already powerful online marketplace.” Davis continued, “They are connected to their communities and uniquely driven to build great neighborhoods and strong local economies.”

Founded in 2006, Lendio debuted at FinovateSpring 2011. The company, which has raised a total of $31 million, works on behalf of small business borrowers to match them with the right loan, helping the 75 lenders on its platform reach qualified borrowers. Last month, Lendio announced record results for Q4 of 2016 after seeing an 87% annual increase of loans originated through its platform. By the close of 2016, the company had facilitated $240+ million in loans over the course of the year.

Small business lending marketplace Lendio released its second quarter financial results this week. The Utah-based company reached a milestone, having matched 10,000 small businesses with $250 million in loans since its 2011 launch.

In Q2 ending 30 June 2016, Lendio facilitated $55+ million in loans, $4+ million of which came through Lendio’s partnership with Staples. The $55 million represents an 86% increase over the $30 million in loans it facilitated in Q2 2015. Lendio CEO Brock Blake noted that despite “pessimism in the market” Lendio’s growth remains “strong and steady.”

Additional Q2 ’16 highlights include:

• 2,400 new businesses funded, a 2.3X increase over Q1 ’16
• Record number and volume of loan renewals
• Loans funded in all 50 states
• Top 10 states: California, Florida, Texas, New York, Georgia, Illinois, New Jersey, North Carolina, Virginia and Colorado
• Top industries: construction, transportation, retail, healthcare, restaurant, manufacturing and automotive
• Lendio was certified by Great Place to Work

Lendio works on behalf of small business borrowers to match them with the right loan, helping the 75 lenders on its platform reach qualified borrowers. The company partnered with American Express in April to power its merchant financing offering. In 2015, the Utah-based company facilitated $128+ million in financing to more than 5,100 businesses. Lendio debuted at FinovateSpring 2011.