Lendio is a well-known online lending marketplace that links lenders and small and medium-sized enterprises. Its main office is in Lehi, Utah, in the United States. Brock Blake established the business in 2011 with the goal of assisting small business owners in gaining access to the capital they require to expand and prosper. Since then, Lendio has aided thousands of companies in obtaining financing and loans.
The borrower’s commercial credit score is a crucial consideration for Lendio when assessing loan applications. This rating represents the creditworthiness and financial stability of a company. It considers elements including payment history, credit usage, and duration of credit history. A business may be eligible for more favorable loan terms and rates with a high commercial credit score.
Credit agencies like Dun & Bradstreet, Experian, and Equifax analyze your company’s payment history, outstanding debts, and other financial data to determine your commercial credit score. Then, using this information, they assign a score. You can receive a score between 0 and 100; higher scores suggest greater creditworthiness.
Lendio employs more than 300 people, making it a sizeable business. More than $2 billion in loans to small businesses all around the country have been made possible by it. To provide businesses a variety of lending choices, including SBA loans, term loans, lines of credit, and invoice financing, the company collaborates with a network of over 75 lenders.
In response to the COVID-19 outbreak, Lendio has been particularly active in assisting businesses access the Paycheck Protection Program (PPP) loans provided by the Small Business Administration (SBA). Businesses that meet specific requirements, such as keeping staff and using the money for eligible expenses like payroll and rent, are eligible for forgiven loans from the PPP. Through its online platform, Lendio assists firms in applying for PPP loans and has assisted thousands of enterprises in obtaining this crucial capital.
In conclusion, Lendio is a significant player in the internet lending industry and has its headquarters in Lehi, Utah. It works with a network of lenders to offer businesses a variety of financing alternatives and takes commercial credit scores into account when analyzing loan applications. The business has a sizable staff and has helped small businesses access billions of dollars in loans. Additionally, it has been crucial in assisting companies to obtain PPP loans during the COVID-19 pandemic.