SOUTH JORDAN, Utah (News4Utah) - Finding a small business loan is now possible in less than ten minutes, thanks to an up-and-coming finance brokerage.
One after another, funding managers at Lendio process more than 200 loan applications a day. For them, it is another day at work, but for business owners like Chantel and Tyler Galloway, the outcome changes lives.
The Galloways racked up credit card debt on her own personal cards in order to start their wedding dress business Chantel Lauren and turned to Lendio for help after realizing their mistakes.
"[They] just wanted to consolidate some of that debt with something that was lower cost. We were able to get [them] a great loan with American Express," said Dana Hansen, the Funding Manger who helped the new entrepreneurs.
"They give you the lending and then they also give you the skills to make that dollar stretch as far as you can..." Chantel said. "I set a goal that within 12 months of working with Lendio, I would be 100 percent personal debt free, and that's exactly what happened."
Now, the high end designers sell gowns all over the world and continue growing their now booming business. Their experience is one of thousands of examples of how the nation's largest marketplace for small business lending is helping fuel the American Dream.
"We have millions of small business owners across the United States who need capital to grow their businesses... and they don't know where to get it. They might go bank to bank applying," explained Lendio Founder/CEO Brock Blake.
Instead of wasting their time begging banks for money they probably will not get, entrepreneurs like the Galloways can now let Lendio do the searching for them, free of charge.
"You come online -- at lendio.com -- and we have about 70 lenders in our platform, and literally, you fill out one application, and we distribute that to different lenders..." Blake said. "They'll underwrite the application, and send back to us all the offers," he explained.
Then, all that is left for the borrowers to do is choose which offer they like best.
"We've now funded about $650 million to businesses in capital across the United States. That represents, I think, about 30,000 loans funded," Blake said.
Since Lendio's launch in 2011, the company has also expanded through franchising.
"Putting the responsibility to fund small business owners... in the hands of a small business owner is a pretty powerful combination," smiled Ben Davis, Lendio's Chief Franchising Officer.
In just one year, Lendio opened 29 franchise locations, earning them the major honor of showing up on Entrepreneur Magazine's Franchise 500 list.
Still, those responsible say as gratifying as the recognition feels, the best reward is seeing small mom and pop shops transform into major commercial businesses, one loan at a time.
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