Trucking trade software program platform Trucker Path introduced this week it has tapped on-line lending market Lendio to embed small enterprise lending instruments inside its cell app.
Lendio, will supply Trucker Path’s group of 1 million customers a spread of financing companies, together with asset or revenue-based financing, debt financing, strains of credit score, and tools financing.
“Lendio brings a lot wanted capital to trucking companies, who’ve historically been underserved by banks,” stated Trucker Path CMO Chris Oliver. “Their mortgage merchandise, that are tailor-made for transportation companies, can be utilized to purchase, improve or restore tools, spend money on know-how to achieve a aggressive benefit, and broaden operations or add employees.”
Lendio has already funded over $330 million for trucking companies, and can now supply a spread of its financing companies to the Trucker Path group of customers.
Trucking companies can entry Lendio’s financing device throughout the Trucker Path cell app. Customers can apply for financing from Lendio’s community of lenders in as little as quarter-hour through a course of that won’t impression the applicant’s credit score rating. Lendio makes the capital accessible as rapidly as 24 hours. Lendio provides candidates entry to a devoted skilled who can talk about their wants and assist them resolve on probably the most appropriate financing choice for his or her explicit scenario.
“With Lendio’s Embedded Lending, Trucker Path customers will now have quicker entry to financing from a wide range of lenders that finest meet their enterprise’ wants,” stated Lendio CEO and Co-Founder Brock Blake. “We all know entry to capital could be a massive roadblock for a lot of small companies, and our market has helped tons of of hundreds of companies with this – together with many in trucking and transportation – over the previous decade. This partnership aligns completely with our mission to create a world the place small companies survive and thrive, and we’re so excited to work with Trucker Path.”
Since its 2011 launch, Utah-based Lendio has functioned as a matchmaker between small companies and lenders. Companies in search of funding can submit a single software to Lendio, tapping into its community of over 75 lenders. The platform then pairs every enterprise with an appropriate lender from the corporate’s in-house community.
The corporate positions itself as a mission-driven group, and lives as much as its phrase. When the coronavirus hit in 2020, the U.S. Small Enterprise Administration handed the CARES Act and Paycheck Safety Program (PPP), and Lendio turned a vital useful resource for retailers throughout the nation. The corporate noticed that many small companies had been experiencing mass confusion round various kinds of reduction applications, and rapidly created a COVID-19 Aid Hub on its web site to teach enterprise house owners, assist them apply for funding, and match them with one in every of its lender companions. Moreover, for each new market mortgage Lendio facilitates, Lendio Offers—an employee-contribution and employer-matching fund, in partnership with KIVA–offers a microloan to low-income entrepreneurs around the globe, constantly re-investing the fund.
Lendio, backed by the likes of Runa Capital and Comcast Ventures, has secured over $108 million in funding. Most lately, the corporate took in $31 million in a 2020 spherical led by Mercato Companions. Lendio has made three acquisitions, most lately buying on-line lending platform QuarterSpot in 2021 for an undisclosed quantity.
Photograph by Robson Hatsukami Morgan on Unsplash
