Access to capital helps businesses create jobs and generate economic impact. Solely getting access to funds, however, doesn’t guarantee advancement for small businesses.
As any entrepreneur knows, starting and maintaining a business can be an uphill battle, especially when it involves applying for a loan. If disapproved for the necessary capital, you can quickly feel stuck, and many face this common problem each day. Large banks deny nearly three-quarters of small business loan applications, and even small banks reject about half, according to the July 2019 Biz2Credit Small Business Lending Index.
Many companies are looking to address this issue, including Stevie-winner Lendio, which is based out of South Jordan, UT, United States. This company cuts through the noise by offering free online services to help business owners find the right business loan within minutes.
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Lendio created a platform for thousands of loan brokers, establishing the nation’s largest small business loan marketplace in the process. With hundreds of loan products from a variety of banks and specialty lenders, Lendio has become a one-stop shop for thousands of business owners looking for capital to start, to operate, and to grow businesses.
Through data-driven algorithms that more accurately screen borrowers, the Lendio platform allows a small business owner to fill out a single application in minutes and then receive offers from multiple lenders.
How to Help Yourself by Helping Others
Lendio is, by no means, the only company looking to ease the relationship between borrower and lender in corporate America. Many capital firms exist, such as Berkshire Partners, Cortect Group, and Frontier Capital.
However, the laser focus of Lendio on customer satisfaction drives thousands of five-star reviews and earns the company many repeat customers (the company’s repeat rate is over 50 percent.) Lendio prides itself on being a small business advocate, carefully vetting lenders to help customers secure the best loan available. In these ways, Lendio serves as a representative of the new wave of companies aiming to ease the loan process for small businesses.
Advancing community involvement is another pillar of the Lendio ethos, and it’s been shown this is a great way for any organization to build relationships, to boost visibility and brand awareness, and to appeal to customers. In fact, over 80 percent of US consumers consider corporate social responsibility when deciding what services and products to buy and where to buy them from.
Lendio and other companies understand how much community involvement benefits both the community at large and their own financial interests.
These healthy exchanges between local communities and businesses can also inform company values, which Lendio and many other successful ventures don’t view as something managers simply hang on the wall. Whether you’re looking to enter the investment space or you need to take a hard look at your current company, here are six tips from Lendio you can use to evaluate your company culture.
- Success starts with people and managers; invest in training them so they can reach their full potential. Formulate initiatives, such as remote work autonomy and unlimited paid time off, so people feel management's trust in them.
- Unite around one common goal: to help fuel the American dream. Managers should ensure every employee understands his or her role in boosting small businesses and, in turn, the economy.
- Be the CEO of your job. Managers should ensure every team member owns his or her job, giving employees the support they need to go above and beyond in order to deliver results. Outline weekly, monthly, quarterly, and yearly goals that align with company initiatives that help drive the business forward in measurable ways.
- Be humble and hungry. All employees, including management, should check their egos at the door.
- Like a little competition—or a lot. Play to win, whether it’s challenging a coworker to some Ping-Pong or getting that next loan finalized. Managers can use monthly sales competitions to keep teams motivated. Company-wide flag football games and holiday-themed eating contests keep the interdepartmental competition friendly and fun.
- Prioritize communication. Management should believe that candor, transparency, and communication accelerate success. Employees should then participate in weekly one-on-ones with managers to facilitate this openness. Monthly town hall meetings with the CEO can keep every team member in sync with company goals and initiatives.
These principles help Lendio motivate employees to continually improve and to adapt to the changing landscapes of business and life. To find values that work for your company, determine what makes your company unique, acknowledge potential areas of improvement, and then create your company principles based on those findings.