Lendio Announces Annual List of Top 10 Best States for Small Business Lending

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Ranking of States Based on Approval Rates and Loan Sizes

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This list showcases entrepreneurs and what they do best – grow their businesses, create jobs and ensure that their communities remain as vibrant tomorrow as they are today.

In honor of National Small Business Week, Lendio, the nation’s leading marketplace for small business loans, today announced its second annual list of top 10 states for small business lending, based on lending data from the Lendio platform, which matches businesses with more than 75 lenders.

National Small Business Week is held each year to celebrate how small business owners and entrepreneurs contribute to the development of the American economy. More than half of Americans either own or work for a small business, and they create nearly two out of every three new jobs in the U.S. each year.

This year’s top states for small business lending are:

1. Utah
2. Washington
3. California
4. Virginia
5. Texas
6. Florida
7. New York
8. New Hampshire
9. Pennsylvania
10. Georgia

“There are more than 28 million small businesses serving as the engine of our economy,” said Brock Blake, CEO and founder of Lendio. “This list showcases entrepreneurs and what they do best – grow their businesses, create jobs and ensure that their communities remain as vibrant tomorrow as they are today.”

Utah small business owner Steve Childs, OneSource Software Solutions, explained that he needed funding to hire additional employees to move his company to the next level. “I was burdened by the thought of having to go out and jump through all the hoops in order to figure out which loan product was actually the best deal. I came across Lendio and was impressed that they represent over 75 different lenders. I connected with one of their funding managers who knew exactly which product best met my needs.”

In 2016, Lendio helped facilitate more than $240 million in funding in all 50 states, an 87 percent annual increase of loans originated through its platform. The 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 2016 to March 2017. Loans were made to entrepreneurs in diverse industries including retail, construction and manufacturing.

More information about the top 10 states, including the average loan size on the Lendio platform can be found below:

1 – Utah
2016 Ranking: 3
No. SMBs: 268,872*
No. SMB Employees: 540,268*
Average Loan Size: $37,648

2 – Washington
2016 Ranking: 4
No. SMBs: 574,455*
No. SMB Employees: 1,300,000*
Average Loan Size: $24,746

3 – California
2016 Ranking: 2
No. SMBs: 3,800,000*
No. SMB Employees: 6,800,000*
Average Loan Size: $23,391

4 – Virginia
2016 Ranking: 13
No. SMBs: 706,626*
No. SMB Employees: 1,500,000*
Average Loan Size: $20,520

5 – Texas
2016 Ranking: 6
No. SMBs: 2,600,000*
No. SMB Employees: 4,600,000*
Average Loan Size: $21,003

6 – Florida
2016 Ranking: 7
No. SMBs: 2,400,000*
No. SMB Employees: 3,200,000*
Average Loan Size: $21,103

7 – New York
2016 Ranking: 18
No. SMBs: 2,100,000*
No. SMB Employees: 4,000,000*
Average Loan Size: $23,014

8 – New Hampshire
2016 Ranking: 5
No. SMBs: 132,432*
No. SMB Employees: 289,914*
Average Loan Size: $19,893

9 – Pennsylvania
2016 Ranking: 22
No. SMBs: 1,000,000*
No. SMB Employees: 2,500,000*
Average Loan Size: $17,561

10 – Georgia
2016 Ranking: 8
No. SMBs: 1,000,000*
No. SMB Employees: 1,600,000*
Average Loan Size: $16,348

*Source: https://www.sba.gov

About Lendio
Lendio is a free online service that helps business owners find the right small business loans within minutes. The center of small business lending, our passion is fueling the American Dream by uniting the small business loan industry and bringing all options together in one place, from short-term specialty financing to long-term low-interest traditional loans. Our technology makes small business lending simple, decreasing the amount of time and effort it takes to secure funding. More information about Lendio is available at http://www.lendio.com.

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Brenda Armstrong
Lendio
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