A well-known online lending platform called Lendio connects small businesses with different lenders so they may offer them a variety of loan choices. Brock Blake and Trent Miskin launched the business in 2011, and since then, it has handled more than $10 billion in loans for more than 100,000 small businesses across the US. Although it does not make loans itself, Lendio assists small businesses in locating loans through its network of lenders. Who Is the Owner of Lendio?
Lendio is a privately held business that does not have a stock market listing. A number of venture capital firms, including Mercato Partners, North Hill Ventures, and Highway 12 Ventures, support the business. However, Lendio’s founders and staff hold the lion’s share of the company’s ownership. How is Lendio compensated?
For each loan that is facilitated through its platform, Lendio charges a fee to its network of lenders. Additionally, the business charges borrowers a one-time origination fee. Lendio does not charge borrowers any fees for loan applications or loan matching, nevertheless. How Do I Find Out If My PPP Loan Has Been Accepted? By login into your Lendio account, you may see the status of any Paycheck Protection Program (PPP) loan applications you have submitted. You will be notified through email by Lendio if your loan has been accepted, along with additional instructions.
Once your SBA loan has been accepted, the lender will send you the money. You will have to sign loan agreements and acknowledge your understanding of their terms. It is crucial to carefully study the loan agreement and ensure that you are aware of all the terms before signing. Once you have the money, you can utilize it to cover the expenses listed in the loan agreement for your company.
Lendio is a privately held business that has been operating since 2011. The company makes money by charging its network of lenders a fee for each loan that is processed through its platform while also assisting small companies in finding loans from those lenders. By logging into your account, you may see the status of any PPP loan applications you have submitted through Lendio. You will be needed to sign loan documents and accept the terms and conditions of the loan before receiving the funds from the lender when your SBA loan is authorized.