Lehi, Utah, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Lendio Local was recently ranked in Entrepreneur magazine’s first Top Growth Franchises list. This list recognizes the 150 companies with the greatest positive franchise unit growth in North America over a three year period, based on data submitted for Entrepreneur’s Franchise 500® ranking. Thanks to its exceptional growth, Lendio is ranked #103.
Launched in 2017, Lendio Local is the first-of-its-kind marketplace lending franchise program. Lendio empowers local agents to use its online platform to help local small business clients get access to capital. To do this, Lendio Local representatives harness Lendio’s high-tech online application and loan matching platform while also offering the face-to-face, consultative approach found at community banks.
“Our program is distinctly different from other approaches to small business lending,” said Mark Cottle, EVP of Lendio Local. “Our franchisees are small business owners themselves and they understand the needs, challenges and opportunities for businesses in their local communities. In just three years, Lendio Local has gone from inception to facilitating over $520 million in loans to small businesses in 71 territories. It’s an honor to be recognized by Entrepreneur among some of the best franchise brands in the nation.”
“By maintaining steady, sustained growth over several years, these franchises have demonstrated that they have the systems in place to support their franchisees and help them become successful,” says Jason Feifer, Entrepreneur’s editor-in-chief. “Now as these and other companies around the country face unprecedented challenges, they may see their growth slow, but that record of success could prove more important than ever.”
To determine the 2020 Top Growth Franchises ranking, Entrepreneur looked at each company’s U.S. and Canadian franchise numbers over a three-year period (from July 2016 to July 2019; given the rapid changes, COVID-19 impacts weren’t taken into account). In order to qualify, companies had to have positive growth of at least five units each year. They were ranked based on a formula that considers their total positive U.S. and Canadian franchise growth over the three years as well as factors that negatively affect growth, such as terminations, nonrenewals, and other closures.
To view Lendio Local in the full ranking, visit entrepreneur.com/franchises/topgrowth. Results can also be seen in the September issue of Entrepreneur.