Small Business Lending Marketplaces

Goals

To identify market size, key players and market trends for a company similar to Lendio in order to inform conversations with a new company in the industry.

Early Findings

  • Lendio is an online lending marketplace that targets small businesses.
  • Potential customers use Lendio's platform to fill out a single application and then receive lending offers from Lendio partners.
  • Lendio works with over 75 banks and financial institutions to offer loan options to small business owners.
  • Boefly also offers an online marketplace for small business loans and has partnerships with over 5,000 lenders.
  • Funding Circle provides small business lending options by connecting businesses to its network of 92,000 investors.
  • National Business Capital and Services offers a network of more than 75 lenders who compete to provide small businesses with loans.
  • Become's business loan marketplace gives small business owners access to loans from more than 50 partner financial institutions.
  • Smartbiz Loans is another lending marketplace specializing in small business loans and claims to be the top online marketplace offering SBA loans.

Proposed next steps:

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Our initial research identified five competitors to Lendio. We propose continuing the research to provide the headquarters location, founding date, value proposition, target market and funding amounts for each of these six companies (Lendio, Boefly, Funding Circle, National Business Capital and Services, Become and Smartbiz Loans).
Additionally, we recommend completing research on the size of the small business lending market.
Finally, we suggest conducting research into trends in the small business lending market. This research would include identifying 2-3 current trends in the industry and providing an overview of each, why it is considered a trend and how it is impacting the industry.