Lendio report reveals increased demand for business loans in the South Atlantic region
SILICON SLOPES, Utah, December 16, 2019 / PRNewswire / – Lendio, the country’s largest business lending market, today released its second regional report with findings based on small businesses in the South Atlantic states. According to the report, in the third quarter, the region recorded the highest percentage of growth in demand for small business loans in the country. The report also shows that for the fourth quarter in a row, business owners in the South Atlantic took in more business capital than those in any other region.
The results, based on loan application data submitted through Lendio’s online platform, show a 50% increase in loan applications, a 21% increase in the total amount of loans financed, and an 18% increase. the number of loans financed in the region over the previous three years. -Average of the quarter.
Of the eight states and one district in the South Atlantic region, six are in the top ten nationwide for growth in demand for small business loans in the third quarter: Delaware (N ° 2), West Virginia (N ° 3), Georgia (N ° 5), CC (n ° 7), Florida (N ° 8) and Virginia (No. 9).
Other key findings from the report show that in the third quarter:
- Businesses in the South Atlantic region recorded an 11% increase in annual revenue, the second highest growth rate in the country.
- The personal incomes of South Atlantic business owners increased by 5%, with an average personal income of $ 93,998.
- South Atlantic business owners have the second lowest average credit score in the country. However, there is a wide range. Owners in Washington DC have the third highest average credit score in the country, while those West Virginia have the third lowest.
From Q4 2018 to Q3 2019, the South Atlantic region had the highest percentage of female borrowers in the country. While taking on more loans, women still represent only two in ten small business owners in the region. Borrowers in the South Atlantic region also tend to be older. Only 12% of business owners who took out loans in the third quarter are 34 or younger, the lowest percentage in the country.
Finding working capital is a major concern for small businesses in the region. Such a company, Meat and bones, has a subscription and billing-based model, which means cash flow can fluctuate based on how quickly and regularly bill payments are made.
“We are confident in our product, our customer service and our ability to deliver on our promise,” says Luis Mata, owner of Floridabutcher and meat supplier. “Our biggest concern is paying the bills on time, every time.”
“The South Atlantic states are among the most diverse in the country when it comes to small business. From farms and manufacturing businesses to hospitality and technology companies, small businesses are a vital part of culture and business. ‘economy of the region,’ said Brock Blake, CEO and founder of Lendio. “Access to capital is imperative for the growth of small businesses, and the increase in financed loans in the region will have a measurable impact on local economies.
* States and districts included in this report include Delaware, District of Colombia, Florida, Georgia, Maryland, North Carolina, Caroline from the south, Virginia and West Virginia.
About SMB Economic Insights:
The SME economic outlook The report is based on data provided by over 8,500 small business owners who submitted applications through the Lendio Marketplace between October 1, 2018 and September 30, 2019. Data collected includes total amount financed, average loan size, industry, age, gender, credit rating, number of bankruptcies, etc.
Lendio is a free online service that helps business owners find the right small business loans in minutes. With a network of over 75 lenders offering multiple loan products, Lendio’s Marketplace is the hub of small business lending. Certified for three consecutive years as a great place to work by independent analysts at Great Place to Work®, Lendio ranks on Fortune‘s Better Workplaces in Financial Services and Insurance and Inc.‘s Better places to work. More information about Lendio is available at www.lendio.com. You can find information about Lendio franchise opportunities at www.lendio.com/franchise.