The Pomp Podcast
#423 Brock Blake on Small Businesses During The Pandemic
- Lendio's rapid response to the pandemic: the company halted normal operations, onboarded 250 financial institutions in 10 days, and hired 250 employees in the same timeframe to facilitate PPP loans for small businesses.
- PPP program execution and impact: over 100,000 small businesses accessed approximately $8 billion in funding through Lendio's platform, representing 1.2 million jobs preserved.
- Post-PPP landscape: many businesses have exhausted their two-and-a-half-month PPP allocations and face continued uncertainty; some industries (RVs, construction, home remodeling) are thriving, while restaurants, retail, and hospitality remain severely stressed.
- Political frustration: Blake expressed concern that politicians are holding PPP relief hostage by attaching unrelated policy items to stimulus packages, preventing a second round while businesses shutter permanently.
- Marketplace strategy and customer retention: Lendio is building an "always-on" platform by adding cash flow management and bookkeeping tools to create long-term relationships beyond one-time loan applications.
- Future growth: the company is growing 75–100% year-over-year and exploring how additional products and financial institution partnerships can scale the marketplace model.