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Small Business Economic Insights Report Reveals Owners Remain Bullish on Growth
The quarterly report from Lendio shows demand for business loans in Q2 increased by 57% over the previous three-quarter average
SILICON SLOPES, UTAH (PRWEB) AUGUST 01, 2019
Lendio, the nation’s largest marketplace for business loans, today released its SMB Economic Insights report for Q2 2019. The report shows small business loan inquiries increased by 57% over the previous three-quarter average, indicating small business owners continued appetite for growth in Q2. Additionally, the number of small business loans funded in the quarter grew by 13% over the previous three-quarter average.
The SMB Economic Insights report, released following the close of each business quarter, provides a state-by-state summary of the impact of lending on small business health. Findings are based on information provided by more than 8,500 small business loan applications submitted through the Lendio platform in the last quarter.
Additional key findings from the Q2 report (based on growth over the previous three-quarter average):
The total amount funded to businesses across the U.S. grew by 21%.
The average loan amount among small business borrowers increased 11%.
The number of small business loan inquiries grew in all 50 states. The total number of loans funded went up in 36 states, and the total amount funded increased in 40 states.
The number of business owners reporting working capital as the main use of funds grew by 15%. Funding payroll grew by 33%, and making equipment purchases grew by 14%.
The average credit score of U.S. business owners held relatively steady in Q2, coming in at 667. Business owners in Washington D.C., Montana, Hawaii and Wyoming have the highest average credit scores in the nation.
The top small business industries funded are construction (with an average of $17,701 per loan) and restaurants (with an average $18,821 loan).
“As a loan marketplace serving up a wide range of business financing options, Lendio has unique insight into small business health across the United States,” says Brock Blake, CEO and Founder of Lendio. “Findings from this report, particularly the growth in loan inquiries, number of loans funded and the average loan amount, show that business owners are still optimistic and hungry for growth.”
Finding capital and managing cash flow are consistently top concerns for small business owners. Lendio’s SMB Economic Insights report not only provides business owners with insight into how their financial health stacks up against other businesses in their industries and states, but it also shines a light on the trends currently shaping small business lending.
To view and download a full report for all 50 states and the District of Columbia, visit http://www.lendio.com/quarterly-reports/.
About SMB Economic Insights
The SMB Economic Insights report is based on data provided by more than 8,500 small business owners who submitted applications through Lendio’s marketplace between April 1 and June 30, 2019. Data collected includes the total amount funded, average loan size, business industry, age, gender, credit score, number of bankruptcies and more.
About Lendio
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 options, 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.
https://www.lendio.com/press-releases/q2-insights-report-2019/
