Lendio Small Business Loans In Boston – Lendio, the nation’s largest marketplace for business loans, today released a new report on small business lending in the Northeast. Business owners in the Northeast have the highest business loan approval rates in the country, according to the report. The findings are based on data on small business loan applications submitted by the Lendio online platform in the third quarter of 2019.
Of the nine northeastern states, seven ranked in the top 10 for business loan approval, including Vermont (No. 1), Massachusetts (No. 2), Connecticut (No. 3), New York (No. 6), New Hampshire (No. 8), Pennsylvania (No. 9) and New Jersey (No. 10).
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The high approval rates can be attributed to the area being home to some of the fastest growing small businesses with some of the highest annual revenues in the country. Loan approval rates are high even though the region is struggling with average credit ratings that are among the lowest in the country.
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Businesses owned by women in the Northeast are particularly successful in obtaining loans. Although they account for only 2 in 10 small business lenders, they have the highest loan approval rate in the country.
One such business owner, Cindy Imperatore, owner of Bossy Bridlein in Greenwich, Connecticut, recently applied for a business loan to expand her business. When Imperatore, who sells high-end accessories, first wanted to expand his product line, he ran into problems with limited capital.
“I want to expand into other brands, which we have been able to do slowly,” Imperatore said. “However, I see that many brands have a minimum purchase of less than $2,500 or even $8,000 depending on the brand or the product. For a small company, that’s a lot of money to give when you’re talking about launching two or three brands at once. ”
A small business loan allows you to expand your offerings and gain more market share. According to the report, small business owners in the Northeast are most often looking for working capital loans, followed by equipment loans, accounts receivable financing and commercial real estate loans.
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“The Northeast has one of the most established economies in the country, so it should come as no surprise that its small businesses are very successful in getting the capital they need to continue to grow, ” said Brock Blake, President and founder of Lendio. “Small businesses are the heart of any economy and the strength and longevity of the small business industry in the Northeast is a testament to this.”
* States included in the Northeast Study include Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
About SMB Business Insights: The SMB Business Insights report is based on data provided by more than 8,500 small business owners who submitted applications through the Lendio marketplace between October 1, 2018 and September 30, 2019. The data collected includes the total amount financed, the average loan size, the company’s company, age, gender, credit score, number of bills and more.
About Lendio Lendio is a free online service that helps business owners find the right small business loans in minutes. With a network of over 75 lenders offering a wide range of loan products, the Lendio marketplace is the hub of small business lending. Recognized as a Great Place to Work for three years in a row by independent analysts at Great Place to Work®, Lendio is listed on Fortune’s Best Workplaces in Business & Insurance Services and Best Workplaces of Inc. For every new loan activated on the Lendio marketplace, Lendio Grants, an employee engagement and employer matching program, provides a loan to a low-income entrepreneur around the world through Kiva.org. More information about Lendio is available at www.lendio.com. Information on Lendio franchise opportunities can be found at www.lendio.com/franchise.SILICON SLOPES, Utah – May 1, 2019 – , the nation’s largest marketplace for business loans, today launched its fourth annual list of the Top 10 States for Small Business Lending. , based on loan data from a platform that connects businesses with more than 75 lenders.
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Although banks are more open to lending to small businesses in 2018, it is still a challenge for small business owners to access capital through traditional means. According to the Federal Reserve Bank’s 2019 Small Business Credit Survey, financing gaps are most pressing for small businesses seeking $100,000-$250,000 in financing. The report also shows that online loan platforms are bridging this gap, with 32% of small business applicants turning to online lenders in 2018, up from 24% in 2017 and 19% in 2016.
Dallas-based Rivvly, founded by entrepreneur Sasha Rowe, is an example of how access to capital can help a small business grow quickly at the right time. Initially, the company was built without borrowing, but eventually the company needed a loan to expand. “When we got to the point where we needed a working capital, that was our answer,” Rowe said. “[He] worked hard to understand the principles and goals of Rivvly, then he came to us and secured the capital we needed to grow.”
“Recently we hear a lot about a strong national economy, but often through the success of famous unicorns. Small businesses are what keep America’s economic engine humming,” said Brock Blake, CEO and founder of the company. “The Top 10 States list reminds us that lending to small businesses puts a country in a strong economic position.”
In 2018, it helped facilitate nearly $480 million in financing across all 50 states, a 60% year-over-year increase in loans originated through its platform. Loans are made to entrepreneurs in many industries, including construction, restaurants, health and retail.
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The ranking of the top 10 states is based on the evaluation of several key indicators, including approval rates and loan sizes, among thousands of consumers from April to March each year. For more information on the top 10 countries for small business loans for 2018, 2017 and 2016, along with the platform’s average loan size, visit.
As a reporter and editor, Melanie has written on everything from retail and travel trends to economic development for local newspapers, trade publications and national magazines. As Director of Public Relations, she specializes in reporting on fintech industry news and its impact on America’s small businesses. Melanie received her B.A. in the Journal from Brigham Young University. She is also a backpacker, runner and mother of four. SILICON SLOPES, Utah – April 30, 2018 – In honor of National Small Business Week, , the national marketplace for small business loans, today launched its third annual Top 10 list. state for small business loans, based on loan data from a platform that connects businesses with more than 75 lenders.
According to a report by the Federal Reserve Bank of Cleveland, nearly half of small businesses require additional financing each year; however, since 2008, it has been a challenge for small business owners to access capital. The continued growth and innovation in online lending platforms is changing the financial landscape.
Pudding on Smiles, owned by Michael and Kendra Sanders of Dallas, Texas, is one of the many success stories that have come out of better access to growth capital for small businesses. They started their online pudding shop with about $400 of their own money. “We’re not looking for an opportunity because we don’t have the manufacturing capacity,” said Michael Sanders. “Securing the funding really helped us start growing our business. We hope to have a great national brand and global power in the near future. ”
Lendio Study Finds Northeast Leads Nation In Loan Approval Rates
“Lack of funding makes it difficult for small business owners to focus on the big picture,” said Brock Blake, CEO and founder of . “This list shows how online lending technology gives entrepreneurs the freedom to create, innovate and succeed.”
In 2017, it helped facilitate more than $300 million in financing in all 50 states, a 62% year-over-year increase in loans originated from its platform. Loans are made to entrepreneurs in many industries, including construction, retail, restaurants and healthcare.
The ranking of the top 10 states is based on the evaluation of several key indicators, including approval rates and loan sizes, among thousands of consumers from April to March each year. More information on the top 10 countries for small business loans in 2017 and 2016, including the average loan size on the platform, can be found at.
As a reporter and editor, Melanie has written on everything from retail and travel trends to economic development for local newspapers, trade publications and national magazines. As Director of Public Relations, she specializes in reporting on fintech industry news and its impact on America’s small businesses. Melanie received her B.A. in the Journal from Brigham Young University. She is also a hiker, runner and mother of four. This free book contains all the information about the top 100 unicorns, including their price, company location, year founded, name of founders, amount of funding and number of employees.
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