- 2023 Franchise 500 Rank
N/R Ranked #143 last year
- Initial investment
$63K - $117K
- Units as of 2021
94 123.8% over 3 years
For one reason or another, small businesses often need funding. However, it can be a challenge to source funds from banks or other financial institutions. Lendio was formed to fill this gap by saving small businesses, one loan at a time.
By using Lendio, business owners usually have access to dozens of lenders and assistance in picking the best one for their company.
Lendio was founded in 2011 by Brock Blake and Trent Miskin and began franchising in 2016. Since then, it has grown to over 60 franchises located throughout the United States.
Why You May Want to Start a Lendio Franchise
Providing support and loans to small firms is a necessity for other businesses. As a Lendio franchisee, you could play your part in fueling the American dream. Lendio has made a big impact, helping small businesses gain more than $10 billion in funding from lenders worldwide. It has facilitated more than 300,000 loans. Lendio is about helping small business enterprises achieve loans, and they are built on speed, trust, and finding the best loan options.
If you want to reach big goals with your business, opening a Lendio franchise may be the right decision for you. They would offer you the chance to join one of America’s largest small business loan businesses.
You might also help small business owners get a Paycheck Protection Program (PPP loan) application through Lendio. PPP loans generally require no collateral and the small business loan status and requirements don't apply to them. Many franchisees find this helpful, as Lendio is not a lender but a loan marketplace, matching loan applicants with lenders. Since interactions happen online, they don't usually require a physical storefront.
Lendio is a trusted and award-winning company. A large number of small business owners are not able to get funds from banks, so Lendio franchisees play an important role in helping loan small businessowners.
What Might Make Lendio Franchise a Good Choice?
To be a part of the Lendio team, you should be financially ready for an initial investment made up of a franchise fee and other startup costs. You’ll want to make sure you have enough capital available to cover ongoing fees, as well. These ongoing fees will include advertising fees, royalty fees, and potential renewal fees. It may be a good idea to reach out to a financial advisor or attorney to ensure that you have the necessary financial stability to open and operate a Lendio franchise.
In addition to the capital requirement, you'll want to have a passion for building a business, sales, networking, and business management skills.
You should also understand the Lendio mission and the Franchise Disclosure Document.
How Do You Open a Lendio Franchise?
Lendio offers an opportunity to operate a well-known franchise that's revolutionizing small business lending. However, you should check for availability in the U.S. location you're interested in, as there may be some territories that are unavailable.
To start off, review the qualifications and submit your application. During the process, you'll usually be able to attend the Lendio franchise webinar. This should give you the chance to take a deep dive to learn more about the model, the application process, and how you could own this business lending franchise.
The Lendio team generally shares key information and the steps to take. Typically, they hold an evaluation of the opportunity with the franchise recruitment director. Franchisees usually undergo a final review and approval, as well. Finally, after a bit of training, you can launch your Lendio franchise.
|Franchising Since||2016 (7 years)|
|# of employees at HQ||550|
This company is offering new franchisees in the following US states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
|# of Units||94 (as of 2021)|
Information for Franchisees
Here's what you need to know if you're interested in opening a Lendio franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
Initial Franchise Fee
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
|$63,150 - $117,100|
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
|$55,000 - $65,000|
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
|10% off franchise fee|
Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
Term of Agreement
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
|Is franchise term renewable?||Yes|
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
|Third Party Financing||Lendio has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
|Classroom Training||40 hours|
Meetings & Conventions
Security & Safety Procedures
Franchisee Intranet Platform
Additional details about running this franchise.
|Is absentee ownership allowed?||No|
Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Franchise 500 Ranking History
Compare where Lendio landed on this year's Franchise 500 Ranking versus previous years.
Are you eager to see what else is out there? Browse franchises that are similar to Lendio.
- Business financial consulting
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