Tuesday May 7, 2019 0 comments
COLORADO -- Lendio, the nation’s largest marketplace for business loans, today announced its fourth annual list of top 10 states for small business lending, based on loan data from the Lendio platform, which matches businesses with more than 75 lenders.
This year’s top states for small business lending are:
5. New Jersey
Though banks were slightly more open to approving small business loans in 2018, it’s still a challenge for small business owners to access capital through traditional methods.
According to the Federal Reserve Bank’s 2019 Small Business Credit Survey, funding gaps are most acute for small businesses seeking $100–250K in financing.
The report also shows that online lending platforms are bridging this gap, with 32% of small business loan applicants turning to online lenders in 2018, up from 24% in 2017, and 19% in 2016.
“We hear a lot lately about the strong national economy, but usually through the success of well-known unicorns,” said Brock Blake, Lendio founder and CEO.
“What really makes America’s economic engine hum is small business. The top 10 states list is a reminder that lending to small businesses puts the country in a stronger economic position.”
In 2018, Lendio helped facilitate nearly $480 million in funding in all 50 states, a 60 percent annual increase in loans originated through its platform.
The top 10 states ranking is based on a calculation of several key indicators, including approval rates and loan sizes, from among thousands of Lendio’s customers from April through March each year.
More information about the 2018, 2017 and 2016 top 10 states for small business lending, including the average loan size on the Lendio platform, can be found at http://www.lendio.com.