The partnership between Finovate alumni Lendio and ProfitStars provides small businesses with ProfitStars’s accounts-receivable financing solution, BusinessManager, as well as access to the company’s LendingNetwork alternative-financing referral program.
The goal is to make it easier for small businesses to obtain the capital they need to grow and expand. BusinessManager is a web-based financial program that lets businesses sell their accounts receivables to their bank at a discount on a daily basis.
The LendingNetwork provides financing to creditworthy business customers through a network of more than 20 commercial providers. It serves as an option for those customers unable to access traditional lines of credit.
Lendio matches lenders with small businesses owners seeking financing. The company was founded by Brock Blake (CEO) and Trent Miskin (CTO) in 2006, and is based in South Jordan, Utah, near Salt Lake City. Lendio includes among its partners companies like legal zoom, Experian, and Dun & Bradstreet Credibility Corporation.
ProfitStars is a division of Jack Henry & Associates focusing on developing products and services designed to help financial institutions control risks, minimize costs, and grow revenue.