Lendio Responds to New Small Business Loan Trends

The SBA continues to issue much-needed loans to small business owners. Recent numbers caught the attention of lending partner Lendio.

2012-12-19

PHILADELPHIA, PA, December 19, 2012 (Press-News.org) A Corpus Christi Caller Times' article recently profiled the success small business owner Randy Webb experienced after he received an SBA-backed loan. Webb's story is no different from most small business owners just starting out. These highly determined professionals demonstrate incredible work ethic, yet most need hard-to-locate financial capital to launch. Lendio is one company working hard to make sure driven entrepreneurs secure the funding they need to succeed.

The article reported that Webb was able to double the growth of his construction company within six months of receiving his first business loan. He has since received a second loan and continues to experience growth in his business.

"One of the biggest challenges facing small business owners today is the need for capital to fund growth and expansion," said Lendio CEO Brock Blake. "Rand Webb's situation is not unusual. Sometimes small loans to companies like Webb Construction yield very big results. I'm always impressed at how small businesses can create jobs and stimulate the economy. Our goal is to make sure small business owners have the capital they need to finance that growth."

According to the article, the Small Business Administration backed $30.25 billion in loans to business owners during its 2012 fiscal year. This amount is the second-highest on record. Furthermore, Texas' Lower Rio Grande Valley District was one of only five of the 60 national districts that increased the number of loans it provided.

The article reports the number of loans issued across the district have steadily increased since 2009. In 2012, 195 small business owners received funds. This was up from 181 in 2011 and 164 in 2010. Despite the uptick in the number of loans available, the overall amount lent decreased.

In 2012, the article reports $53 million was lent to business owners. This is down from over $65 million in 2011 and $64 million in 2010. The Lower Rio Grande Valley area encompasses 14 counties in southeast Texas.

The director of the SBA in the Lower Rio Grande Valley district, Sylvia Zamponi, suggested South Texas is attractive for a number of reasons. Through the article she notes retailers like the area because most of its communities are subject to low-wage rates. In addition, the article notes the oil drilling industry has experienced a rebound leading to job creation.

ABOUT:

Lendio utilizes a web-based proprietary matching technology designed to help small business owners comparison shop among the best loans in the marketplace. The company was founded with the goal to simplify the business loan process by matching the unique needs of business with the lenders eager to provide financing. Small business owners benefit from a network of thousands of products from banks, credit unions and other sources. The people at Lendio believe small businesses are at the heart of American culture, and they strive to continue this entrepreneurial spirit by easing the financing process.

Website: http://lendioinfo.com

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