Lehi, Utah, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Lendio announced today that Lendio Gives, its employee-contribution and employer-matching program, has provided more than 20,000 Kiva microloans to entrepreneurs in the developing world. Launched in 2016, the program has now provided over $500,000 in microloans to business owners worldwide, 98% of whom are female.
Lendio, the nation’s leading small business loan marketplace, is committed to making access to capital simpler and more inclusive for the millions of small businesses in the United States. As part of its commitment to entrepreneurship and inclusivity, Lendio provides a microloan to a low-income entrepreneur for every new loan facilitated on its marketplace platform. This voluntary employee-contributed, employer-matched program boasts a 94% participation rate among Lendio employees.
“I love contributing to the Lendio Gives program because supporting businesses is what we do,” said Nicole Grosskopf, Senior Manager of Product Marketing at Lendio. “Everyone at Lendio has a passion to give back and make a change. Kiva helps us reach people around the world that are trying to make a difference in their own communities by starting a business. Empowering those business owners and knowing we’re helping them keep their passion going is truly inspiring and worth every penny.”
“We as a company are dedicated to making access to capital more inclusive, especially when it comes to empowering female entrepreneurship,” said Brett Child, co-founder and EVP of Sales Operations at Lendio. “Through Lendio Gives and our efforts with Kiva, we hope to make a real difference in the lives of women business owners around the world, with a positive ripple effect that’s felt throughout their families and communities.”
In an effort to help close the worldwide financial gender gap, Lendio has chosen to focus on fueling women-owned businesses through this charitable initiative. Loans are provided in $25 increments to underserved small business owners, many of whom have been turned away by traditional lenders. When loans are repaid, Lendio Gives reinvests them into loans to further the positive global impact of these contributions.
Of the 20,000 loans provided through Kiva, 19,417 were delivered to women-owned businesses in 79 countries. The Lendio Gives program has nearly a 100% payback rate, which allows for the funds to be reinvested in small businesses continually.
Kiva is an international nonprofit organization that connects borrowers and lenders. Kiva aims to remove obstacles to entrepreneurship in the developing world and beyond; one hundred percent of every dollar lent to Kiva turns into microcredit for borrowers who can’t be serviced by traditional banks.
For more information about contributing to Lendio Gives, visit www.kiva.org/team/lendio_gives.
For more information about Lendio, visit www.lendio.com.