Empowering those who have struggled without financial services means more jobs, more opportunity and stronger economies.
SILICON SLOPES, Utah (PRWEB) June 20, 2018
Lendio announced today that Lendio Gives, its employee contribution and employer matching program, has provided more than $70,000 in microloans to 2,800 underserved entrepreneurs in 78 countries through Kiva. In May, Lendio ranked 6th among Kiva’s Internal Business Groups for total fundings, with over 300 new loans funded.
Kiva is a San Francisco-based nonprofit that connects online lenders and low-income borrowers around the world. Through $25 microloan increments, Kiva enables entrepreneurs who can’t be serviced by traditional financial institutions to start or grow a business. Kiva’s mission to change lives through lending is highly aligned with Lendio’s mission to fuel the American dream for small businesses. That’s why for every loan facilitated on Lendio’s marketplace platform, Lendio donates a percentage of funds to low-income entrepreneurs around the world through Kiva.
The largest small business loan marketplace in the U.S., Lendio is committed to making small business entrepreneurship more inclusive, particularly for women and minorities. Through the Lendio Gives initiative and its contributions to Kiva, Lendio is making a global impact.
“We’re so grateful for and inspired by the incredible impact the Lendio team has made through Kiva on thousands of lives, families and communities around the world," said Jessica Hansen, Kiva's Global Engagement Manager.
Eighty-eight percent of Lendio’s Kiva loans go to female borrowers who don’t qualify for traditional loans and have to look beyond banks to access credit and financing. Lendio’s contributions to Kiva are part of its greater mission to eliminate the barriers to starting and growing a business and to empower individuals to take advantage of opportunities.
“Lendio believes strongly in the long-term impact its donations to Kiva are making on business owners around the world. Microloans can help underserved entrepreneurs for years to come,” said Brock Blake, CEO and founder of Lendio. “Empowering those who have struggled without financial services means more jobs, more opportunity and stronger economies.”
The repayment rate on Lendio’s fundings through Kiva is 98.9 percent, above the average Kiva loan repayment rate of 96.9 percent. Lendio reinvests all repayments into new loans. Lendio’s top sectors for microloans include food, retail, agriculture, clothing, services and construction, and the top five countries loaned to are the Philippines, Senegal, Congo, Rwanda and Zimbabwe.
Kiva’s crowdfunding model provides a promising avenue to a higher standard of living for families, neighborhoods and communities across the globe. According to Kiva’s website, Kiva emphasizes character over credit, and uses social underwriting to assess the creditworthiness of its borrowers. To-date, Kiva has provided $1.2 billion in loans in 85 countries for everything from water and sanitation needs to working capital for small markets, restaurants and artisans.
For more information about Lendio, visit http://www.lendio.com.
Lendio is a free online service that helps business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products, Lendio’s marketplace is the center of small business lending. 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 and decreases the amount of time and effort it takes to secure funding. For every loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, donates a percentage of funds to low-income entrepreneurs around the world through Kiva.org. More information about Lendio is available at http://www.lendio.com. Information about Lendio franchising opportunities can be found at http://www.lendiofranchise.com.