SALT LAKE CITY, July 24, 2014 /PRNewswire/ -- Lendio, the online leader* in helping business owners secure financing, announced today a new program that enables banks and credit unions to offer financing to business owners who might not meet the strict standard of norms and requirements of traditional small business financing but are strong and healthy businesses with current deposit relationships.
"It's nice to have a source we can turn to when we have a borrower we can't finance internally," said West Martin EVP Chief Lending Officer from Town & Country Bank. "Lendio is a great resource to help us bridge the gap for borrowers we would otherwise need to turn away."
Successful adoption of the recently announced freemium version of Lendio has enabled traditional lenders to refer borrowers needing additional small business loan options within the network. The referral program allows banks and credit unions to maintain deposit relationships while helping borrowers easily access non-bank funding options through Lendio when they make sense for their bank or credit union customers.
- More Options for small business owners: Hand-picked non-depository lenders that complement their traditional loan products enable banks and credit unions to offer all the small business loan options currently available—in one place.
- Save time and maintain deposit relationships: Small business owners save time by avoiding the time-consuming process of shopping for a loan with multiple lenders who may or may not have the loan options they're looking for or qualify for. Lendio enables traditional lenders to offer its simple and time-saving alternative to their small business customers.
- Provide a great experience: By bridging the gap for traditional lenders into other loan products, the Lendio referral program helps banks and credit unions have more influence and visibility into the non-traditional borrowing experience of their customers.
"There's no reason for a bank or credit union to turn away a borrower because they aren't a good fit for a traditional small business loan. Our goal is to solve one of the biggest problems faced by traditional lenders—how to help small business owners looking for financing that might not qualify for a loan," said Brock Blake, founder and CEO of Lendio. "Our new referral program enables traditional lenders to leverage the Lendio platform to connect their customers with financing they don't offer—enabling them to maintain their current small business banking relationships and provide the financing their customers need."
If your bank or credit union is interested in joining the Lendio Referral Program, click here.
Lendio, the #1 small business lending platform*, provides an online services that help businesses and lenders work together. Lendio makes business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources.
*Based on volume of monthly visitors reported by Compete.com.
- small business financing
- credit unions