WASHINGTON, D.C., Oct. 19, 2017 — The Innovative Lending Platform Association (ILPA), consisting of the nation’s leading online small business lending platforms, today announced that small business platform Lendio has joined the trade organization as an associate member. Lendio will work with other ILPA members to advance online small business lending education, advocacy, and best practices.
Based in Washington, D.C., the ILPA is the leading U.S. trade organization representing a diverse group of online lending and service companies serving small businesses. United by a shared commitment to the health and success of small businesses, the ILPA and its members are dedicated to advancing best practices and standards that support responsible innovation and access to capital for America’s small businesses.
Lendio operates an online marketplace that makes it easy for small business owners to find lenders and secure loans. After filling out an application form, the platform matches its customers with suitable loan options. It works with a network of over 75 lenders to enable its users to compare and choose from among a range of loans, including working capital, SBA, startup, term loans, line of credit, equipment, commercial real estate, and more. Lendio also offers loan calculators, an informative blog, and small business education resources.
“At Lendio, we are committed to providing small business owners with a marketplace of loan options that are both transparent and easy-to-comprehend. Our membership in the ILPA allows us to work together with other key players in the space to educate policy, advance best practices, and promote responsible lending. As we continue to fuel the American dream for small business owners across the nation, we’re excited to play a key role in promoting standards that make it easier for a borrower to make an educated and informed decision,” said Brock Blake, Lendio’s founder and CEO.
“The ILPA is delighted to welcome Lendio as the newest member of our organization,” said Scott Stewart, Chief Executive Officer, Innovative Lending Platform Association. “We are excited to work with Lendio and our membership on crucial initiatives including enhanced disclosure and cost transparency for small business borrowers via the SMART Box tool.”
The SMART Box™ is a priority initiative for the ILPA, developed in response to a need for common verbiage and standardization in pricing disclosure in small business finance. The SMART Box presents small businesses with a table of standardized pricing comparison tools and explanations, including the total cost of capital (TCC) and annualized percentage rate (APR).
Launched in 2011, Lendio is based in South Jordan, Utah.
About the ILPA
The Innovative Lending Platform Association (ILPA) is the leading trade organization representing a diverse group of online lending and service companies serving small businesses. United by a shared commitment to the health and success of small businesses in America, the ILPA is dedicated to advancing best practices and standards that support responsible innovation and access to capital for small businesses. The ILPA, in partnership with the Association for Enterprise Opportunity, launched a model small business pricing disclosure called the SMART (Straightforward Metrics around Rate and Total cost) Box. The SMART Box™ is a first-of-its-kind model pricing disclosure and comparison tool focused on empowering small businesses to better assess and compare finance options. The SMART Box is available for broader adoption by lending platforms. Additional information about the ILPA and the SMART Box initiative is available at: www.innovativelending.org
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.
Jim Larkin for the ILPA
Melanie King for Lendio