In the US, Lendio is a well-known marketplace for small business loans. The company helps small business owners locate the best financing choices for their needs by putting them in touch with lenders. A common query from business owners who are interested in owning a Lendio franchise is “How much does a Lendio franchise cost?”
Lendio franchises require an upfront investment of between $37,000 and $91,000. This covers other costs like office space, equipment, and marketing materials in addition to the $25,000 franchise fee. Additionally, the franchisee will want sufficient working capital to pay bills until the company starts to turn a profit.
Lendio’s parent company is Credibly. A financial technology startup called Credibly offers merchant cash advances and small business loans. Its subsidiary, Lendio, functions as an online lending marketplace for small businesses. Since its founding in 2010, Credibly has provided more than $1 billion in loans to more than 20,000 businesses.
The SBA has not approved Lendio as a lender. To assist small businesses in obtaining SBA loans, the organization collaborates with lenders who have been recognized by the SBA. Lendio can connect borrowers with the most appropriate lenders for their needs from its network of over 300 lenders, which includes SBA-approved lenders.
Borrowers must fulfill specific criteria in order to be eligible for a PPP loan forgiveness. First, they have to pay payroll expenses with at least 60% of the loan revenues. Second, they need to keep salaries and the number of employees at pre-pandemic levels. The third requirement is that they use the loan proceeds within the covered period, which is either 8 or 24 weeks from the loan disbursement date. Finally, they must present proof that they have complied with these demands.
In conclusion, for business owners who are passionate about assisting small businesses in growing, owning a Lendio franchise might be a fantastic option. A Lendio franchise requires an initial investment of between $37,000 and $91,000, which covers the franchise fee as well as office space, furnishings, and promotional items. Lendio is a division of Credibly, a provider of merchant cash advances and small business loans in the financial technology sector. Lendio works with SBA-approved lenders to assist small businesses in obtaining SBA loans even though it is not an SBA-approved lender itself. Borrowers that achieve specific criteria, such as using at least 60% of the loan funds for payroll costs and keeping their staff headcount and salaries at pre-pandemic levels, can have their PPP loans canceled.