Lendio SBA Loans: What They Are & How Your Business Can Apply
Lendio is an online marketplace that matches small businesses with lenders, including SBA lenders. Read on to find out how to apply.
Lendio SBA loans are SBA loans with an online application. Lendio is an online small business loans marketplace that matches businesses with lenders, including SBA lenders and non-SBA lenders, depending on what type of business loan you want and can qualify for. Lendio makes it faster and easier to get an SBA loan because it streamlines the application and lets you apply to multiple SBA lenders at once. However, Lendio SBA loans aren’t as fast or as easy to qualify for as some business loans.
Read on to learn how to qualify and apply for a Lendio SBA loan.
- Easier to apply for than a regular SBA loan
- High loan amounts
- Long repayment terms
- Low interest rates
- Relaxed collateral requirements
- Not as fast as other Lendio small business loans
- Harder to qualify for than other Lendio loans
- Not as fast as SmartBiz SBA loans
Table of Contents
What Are Lendio SBA Loans?
Lendio SBA loans are a type of small business loan you can apply for using Lendio’s online loans marketplace. Lendio doesn’t issue SBA loans itself; rather, Lendio takes your application and uses it to match you with an SBA lender in the Lendio network.
Types Of SBA Loans Offered By Lendio
The SBA lenders in Lendio’s network offer various types of SBA loans. As follows are the types of SBA loans you can apply for through Lendio:
- SBA 7(a) Loans: One of the most flexible SBA loan types, SBA 7(a) loans include Standard loans up to $5 million, and Small Loans up to $350,000.
- SBA Express Loans: These are faster SBA 7(a) loans that can be funded within 30 days. SBA Express Loans have a maximum borrowing amount of $500,000 and typically have higher rates than non-Express SBA 7(a) loans. You can calculate your total financing cost and monthly payments using our SBA loan calculator.
- SBA CAPLines Loans: CAPLines are SBA-backed lines of credit up to $5 million. These lines of credit are revolving and can have a maximum term length of up to 10 years.
- SBA CDC/504 Loans: These are real estate and equipment loans with a maximum borrowing amount of $5 million. A 504 loan can have a term length as long as 20 years.
- SBA Disaster Loans: If your business has been impacted by a natural disaster, you may qualify for one of these low-interest loans with amounts of up to $2 million.
- SBA Export Express Loans: Exporters may qualify for one of these speedy SBA loans up to $500,000. The SBA guarantees a response within 36 hours, though the loan may take a month or so to fund.
- SBA Microloans: Microloans have smaller amounts ($50,000 maximum) and shorter term lengths (up to 6 years). Microloans are one of the few SBA loans that startup businesses can qualify for.
Note that are also more specific types of SBA loans than what you may be able to find on Lendio, such as SBA loans for veterans (read our guide to learn everything you need to know about VA SBA loans).
What Is A Lendio PPP Loan?
Lendio participated in the Paycheck Protection Program (PPP), which supplied small business loans for COVID relief in 2020 and 2021. During the program’s duration, Lendio facilitated PPP loans for more than 213,000 businesses, with loan proceeds totaling more than $9.8 billion.
Is Lendio Still Processing PPP Loans?
No, Lendio is not still processing PPP loans. The PPP program stopped accepting applications on May 31, 2021.
How Long Does Lendio Take To Process A PPP Loan?
The average time-to-funding for a PPP loan, including that for Lendio PPP loans as well as PPP loans from other lenders, was about 2 weeks. However, some borrowers reported much longer wait times. Again, Lendio is no longer processing PPP loans, nor is any other lender.
Is Lendio An Approved SBA Lender?
No, Lendio is not a direct lender, SBA, or otherwise. Lendio is a business loan matchmaking service that works with business lenders, including approved SBA lenders and SBA Preferred Lending Partners, to facilitate SBA loans for businesses that apply to loans through Lendio.
What Your Business Needs To Qualify For Lendio SBA Loans
Generally, business owners need to meet the following qualifications to qualify for an SBA loan:
- Own a for-profit, US-based business
- Have 2+ years in business
- Have a minimum FICO score of 680
- Have a reasonable amount of equity in the business
- Prove they have used alternative financial resources before seeking SBA loan
Lendio does not have any special qualification requirements for SBA loans beyond the SBA loan eligibility requirements specified by the Small Business Administration. But all individual SBA lenders, including the lenders in Lendio’s network, do have some discretion when it comes to which applicants they will accept.
How To Apply For An SBA Loan With Lendio
Lendio’s loan application process starts with the business owner filling out a 15-minute application on Lendio’s website. In this application, you’ll just answer some basic questions about your business. After you submit your initial application, Lendio will run a soft check on your credit and then compile some loan offers for you. Within 72 hours, Lendio will send you some offers to choose from.
After you accept an SBA loan offer through Lendio, the underwriting process will start and you’ll be asked to submit more documentation and information about your business. Lendio also has loan specialists who can provide assistance with your application. The entire time-to-funding to get an SBA loan through Lendio is about 1-2 months after approval.
Learn more about how to apply for an SBA loan.
What Is The Easiest Lendio SBA Loan To Get?
When it comes to the easiest Lendo loan to receive, it depends on your specific circumstances as well as Lendio’s current loan offerings. Generally speaking, microloans are an easier SBA loan to qualify for – even for startups with bad credit. However, there are fewer SBA microloan lenders than there are SBA 7(a) lenders. So, SBA 7(a) loans are more common.
FAQs About Lendio SBA Loans
Lendio SBA Loans: Final Thoughts
Lendio SBA loans are not qualitatively different from SBA loans you could obtain from another provider.
However, Lendio speeds the application process by letting you apply online and providing assistance with your application. In general, SBA loans have a long approval time and have specific borrower qualifications that not all businesses will meet. And it can take even longer to get an SBA loan through Lendio when compared to some top Lendio competitors that also offer SBA loans online, such as SmartBiz or Fundera by Nerdwallet. (SmartBiz in particular can fund SBA loans as quickly as two weeks).
If you like the convenience of Lendio’s business loans marketplace but can’t wait for an SBA loan or don’t qualify for one, you might consider applying for a faster or easier-to-qualify loan through Lendio, such as a short-term loan or business line of credit. To learn more about Lendio loans, including Lendio SBA loans and other loan types, read our in-depth Lendio review.