Lendio has released its inaugural State of SMB Lending report. In the survey of over 1000 small business owners, 68% of small businesses say access to financing is the most important factor in the growth of their businesses. “The current system wasn’t built for small businesses, so there is a huge market need waiting to be tapped,” said Brock Blake, CEO of Lendio. “The solution isn’t to pit banks against alternative lenders or make a full shift to banking-as-a-service. Every one of these providers has a contribution to make to an ecosystem that fully supports small business owners whether it’s through the bank they currently deposit with or the vendor that sells them supplies.”

FIS and Lendio have created application programming interfaces for FIS's SMB Digital Lending that connect Lendio's small business loan decision and underwriting software with FIS's cores. "This is a fit-for-purpose solution to a problem we were hearing about from the market," said Harry Stahl, a senior director from FIS's capital markets team, in an interview.

The West Coast is one of the best places for woman-owned small businesses in the country, according to a study by online loan marketplace Lendio that ranked the top 10 U.S. states for women-owned businesses.