Question: Is Lendio A SBA Lender?

Is lendio a real company?

Lendio is a business financing platform that matches customers to funders.

While Lendio does not originate loans directly, its network of over 300 business funders — including big names, such as Kabbage, OnDeck, Amex, BlueVine, and many others — is designed to be a one-stop-shop for financing..

Is lendio secure?

Lendio’s technology makes small business lending simple and decreases the amount of time and effort it takes to secure funding. Lendio claims on their website that while banks turn down 80% of their applicants, they find funding for more than 65% of the small business that apply with them.

Has lendio funded any PPP loans?

About Lendio Lendio is the nation’s leading small business loan marketplace. … To date, Lendio has facilitated over 200,000 small business loans for $10 billion in total funding, including $8 billion in PPP loan approvals as part of government COVID-19 relief.

Is Bluevine an approved SBA lender?

We wanted to share the exciting news that we’ve been approved by the SBA and Treasury as a direct non-bank lender for the Paycheck Protection Program (PPP).

Can an Uber driver get a PPP loan?

PPP loans are managed by the Small Business Administration. They are designed to provide a direct incentive to small businesses for keeping their workers on the payroll. Uber drivers are eligible for this type of loan because the company classifies them as independent contractors.

Where is lendio based?

SILICON SLOPES, Utah – – 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.

How long does it take SBA to approve PPP loan?

approximately 10 daysThe PPP process takes approximately 10 days to complete. Do I need to reapply for the EIDL/EIDL Advance? If your application confirmation number begins with a “3” you do not need to reapply.

Is lendio legit for PPP?

Please keep in mind that Lendio is the Marketplace and not the lender. We do everything we can to ensure the PPP loan process is completed and satisfactory. At the end of the day, it is the decision of the lender.

What if my bank is not an SBA lender?

If your bank isn’t a certified lender for the SBA, or if your SBA-approved bank has elected not to accept applications for PPP, EIDL, or other SBA emergency loans, you can still choose to go to another lender to apply for your loan.

How does the SBA PPP loan work?

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness.

Who is lendio PPP?

Prior to its role in facilitating PPP loans during the COVID-19 pandemic, Lendio had originated just over $2 billion to 110,000 small businesses since its inception in 2011. Lendio is a free online marketplace that leverages machine learning to help business owners find the right small business loans within minutes.

Can I apply for PPP online?

You can apply online in minutes and get the relief funding you need as soon as possible. Both existing customers and new customers are welcome to apply. If you’re concerned that funding for PPP will run out, they also provide other small business loans that may be a better option for you.

When was lendio founded?

2011Lendio/FoundedUtah-based Lendio (formerly Funding Universe), founded in 2011 by Brock Blake and Trent Miskin, is a small business loan marketplace in the U.S. Small business owners utilize Lendio’s free online service to find financing by browsing multiple loan products from a network of lenders.

What is an SBA approved lender?

As an SBA-certified lender, small business loans you issue will be backed by a federal guaranty. As an SBA-certified lender, small business loans you issue will be backed by a federal guaranty.

What is a PLP number for PPP?

If everything is in order, the SBA reserves your funds and assigns an approval number called a PLP (preferred lending partner number). The PLP is associated with your Tax ID and no further PLPs can be issued. The lender is able to send you closing documents and use the PLP to complete the loan process.

How do I know if my SBA loan is approved?

Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have.

Can I apply directly to SBA for PPP loan?

Currently, the EIDL application is accessible here, and can be submitted directly on the SBA website. The PPP application is also live and can be submitted directly with banks, credit unions, and fintech companies including Square and PayPal.

Is lendio a bank?

Lendio is not a direct lender but will facilitate PPP loans through its trusted network of approved lenders which include traditional banks, credit unions and fintech lenders.

How long does SBA approval take?

On average, the loans take around 30-45 days from application to funding. Approval time can, however, take anywhere from one to six months.

Is lendio a Fintech company?

Lendio is the largest small business loan marketplace in the US with more than 75 lenders in its network.