New Survey Finds That Small Business Lending Remains Stable Despite Turbulence in Big Banks
LEHI, Utah, March 16, 2023 /PRNewswire/ -- Lendio, the nation's leading small business financial solutions provider, released the findings of a new polling of the top 21 lenders and funders in its marketplace, in the wake of the FDIC's recent takeover of two large banks, to better understand the current state of lending and access to funds for U.S. small-and-medium-sized businesses (SMBs).
The poll found:
"Small businesses are a bedrock in our communities and for our economy, and maintaining access to capital and funding options is crucial to their growth and continued impact," said Brock Blake, co-founder and CEO of Lendio. "In the face of recent commotion and changes at larger banks, it's important to see this data around the resilience of SMB funding and offer reassurance to SMBs across America. Lendio remains committed to being an integral part of and connector in a world where small businesses survive—andthrive."
According to data from the White House and the U.S. Small Business Administration (SBA), small businesses in the U.S. employ 61 million people, nearly 50 percent of all private-sector workers. Domestically, gross revenue from small businesses totals $13.3 trillion.
"In speaking with our funding partners over the past several days, we are pleased to see the stability and confidence there for SMBs," said Mark Cottle, Lendio Executive Vice President. "In 2021 and 2022, the U.S. saw more small business funding applications than ever before, and we're eager to support these businesses as they grow, scale and seek funding partners to help them realize their dreams."
Lendio is the nation's leading small business financial solutions provider. With its diverse network of lenders, Lendio enables small business owners to apply for multiple business financing options with a single application. The company has facilitated more than 330,000 small business loans for more than $13 billion in total funding, including $9.8 billion in PPP loan approvals as part of government COVID-19 relief. Lendio has become the fintech company to watch in the industry, helping reduce bias in lending and cutting back on loan approval time exponentially. In addition to creating access to small business capital, Lendio offers time-saving financial SaaS products designed to streamline business operations.
Lendio is a mission-driven organization striving to provide equal access to capital to underserved communities and America's smallest businesses. For every new marketplace loan Lendio facilitates, Lendio Gives—an employee-contribution and employer-matching fund— in partnership with KIVA, Lendio provides a microloan to low-income entrepreneurs around the world, continuously re-investing the fund. More information about Lendio is available at www.lendio.com.
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