Lendio Improves Access to Capital, Continuing Marketplace Trend
Small business loan marketplace Lendio partnered with Detroit-based working capital financing company Supplier Success to improve capital access to businesses owned by minority and women owners.
“By joining forces with Supplier Success, we’re able to expand our capabilities to provide minority business owners easier access to financing,” said Brock Blake, CEO and co-founder of Utah-based, Lendio.
Supplier Success is the latest addition to the string of partners the company already works with. In August, the company announced that it had facilitated over $250 million in funding transactions and of that, $55 million was originated in Q2 alone. Partnerships with GoDaddy and Staples originated $14 million and $4 million respectively.
Loan marketplaces have been quick to board the partnership wagon, forging customer-share deals to expand their reach. Recently, Conshohocken, Pennsylvania-based small business lender CapitalFront partnered with Lenders One, a marketplace for mortgage brokers to offer unsecured business loans on the Lenders One platform.
Lenders One is a mortgage banking cooperative with 250 members including credit unions and community banks. Under the customer-sharing partnership, CapitalFront will offer funding to self-employed residential mortgage customers.
“Roughly 20% of mortgage borrowers are self-employed business owners,” said Brian Simon, CEO of CapitalFront in a statement. “The relationship between CapitalFront and Lenders One allows the cooperatives members to differentiate their services and strengthen their relationships with their customers by offering borrowers access to capital for their business needs.”Last modified: September 22, 2016