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.