Lendio and Prosper.com Bring Personal Loans, Affordable Capital to Small Businesses

Partnership will help business owners and entrepreneurs gain access to small business loans.

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Lendio.com, making small business loans simple

This partnership will allow more business owners to get greater access to the capital they need to build their small businesses.

Salt Lake City, UT and San Francisco, CA (PRWEB) October 05, 2011

Lendio, an online service matching business owners with viable business loans, announced it has partnered with Prosper to help creditworthy small business owners seeking capital to grow their operations through personal loans.

“Traditional lending isn’t an option for every entrepreneur and business owner,” said Brock Blake, Lendio CEO. “Prosper is one of the leading providers of peer-to-peer personal loans to small business. This partnership will allow us to deliver affordable access to capital to our small businesses, removing one of the biggest hurdles they face.”

Prosper brings together creditworthy borrowers with individual and institutional investors. On Prosper.com, borrowers can get access to 1, 3 or 5-year* affordable fixed rate personal loans to fund their small businesses or pay down more costly debt.

“This partnership will allow more business owners to get greater access to the capital they need to build their small businesses,” said Chris Larsen, chief executive officer and co-founder of Prosper.com. “Prosper’s loan listings show that entrepreneurs are turning to P2P lending as a source for affordable capital. In the first six months of 2011 we’ve seen small business-related loans increase nearly 85%.”

“When we combine our numbers over the past two years, we’ve helped businesses around the country secure nearly half a billion dollars,” Blake said. “In the short period of our partnership, about 80 Lendio clients have been approved to list through Prosper, resulting in excess of $1,000,000 in potential loans.”

Since Lendio launched its technology last March, more than $2 billion in business loans have been requested. So far, the loan approval rate is about 50-70 percent higher than the national rate. In the past two years, Lendio has helped businesses secure more than $240 million in capital. Lendio’s partnership with Prosper will enable even more loan requests to be approved, and will help more businesses to thrive.

About Prosper
Prosper Marketplace Inc., a peer-to-peer lending marketplace that brings together creditworthy borrowers with individual and institutional investors, allows people to invest in each other in a way that is financially and socially rewarding. Individual and institutional investors invest in minimum increments of $25 on loan listings they select. In addition to credit scores, ratings and histories, investors can consider borrowers' personal loan descriptions, endorsements from friends, and community affiliations. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors.

Prosper was co-founded by Chris Larsen, co-founder of E-LOAN. Prosper has raised $74.85 million in venture capital and is backed by financial and technology luminaries including, Jim Breyer of Accel Partners; Tim Draper of Draper Fisher Jurvetson; Jerome Contro of Crosslink Capital, CompuCredit; Omidyar Network; Capital One Co-founder Nigel Morris of QED Investors; Court Coursey of TomorrowVentures; Larry Cheng of Volition Capital.

Notes offered by Prospectus.

About Lendio
Lendio helps lenders to decrease customer acquisition costs and increase lending efficiencies by providing qualified loan opportunities to banks, credit unions, and lenders across the country. Through a proprietary matching technology, Lendio provides lenders the ability to efficiently identify and attract new customers that have already been filtered, qualified, and verified to meet the lender’s specific criteria (i.e. personal credit, business credit, or other important underwriting criteria).

Lendio also guides the business owner to help identify the business loan category and specific lenders that offer the highest probability of securing a business loan. For businesses that are not good candidates to obtain a business loan, Lendio also provides services that prepare them to be lender-ready.

*For example, if you take out a loan for $5,000 for three years and you have a Prosper Rating of B and no previous loans, your interest rate will be 17.99% (APR 20.20%) and your scheduled monthly payment will be $180.74 (your last payment may vary due to rounding).

Contact Information:
Lendio
Dan Bischoff
801.858.3635
dan.bischoff(at)lendio(dot)com

Prosper
Laurie Azzano
415.786.3317
lazzano(at)prosper(dot)com

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Contact

  • Dan Bischoff
    Lendio
    801.858.3635
    Email
  • Laurie Azzano
    Prosper
    415.786.3317
    Email

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