Mike:
Hello, I’m Mike Sullivan for M.O., where we feature small business owners and entrepreneurs and then bring you tips, perspectives, and insights on what it takes to be successful. Today we’re featuring Brock Blake, the founder of Lendio. Lendio matches loans with entrepreneurs and small business owners so that they are matched with the right loan for them.
Brock, thanks for joining us today. Can you tell us a little bit about how you got started in this industry?
Brock:
Yeah, I’ve been an entrepreneur my whole life, super passionate about helping entrepreneurs and had started a few companies during college while I was there. I had studied a class, there was a class called “Financing New Ventures.” I was super passionate about that class.
It was all about helping entrepreneurs get angel financing or venture financing or debt financing. I really enjoyed it. I ended up being the TA of that class and was teaching that while I was at Brigham Young University. From there, what had happened was I won an entrepreneurial competition just right out of school where it’s kind of like the TV show “The Apprentice” without all the glitz and glamour. Where they had 100 entrepreneurs, they selected 20 to go through kind of an eight-week boot camp, and then out of those 20, there were 5 that were selected that were given $50,000 to start a business.
I was one of those five and used that money, partnered up with a gentleman named Paul Allen and my current partner, Trent Miskin, to launch, well, originally we were Funding Universe and our goal was to connect entrepreneurs to angel investors. At the time, I used that $50,000. We launched Funding Universe, and just to kind of connect that back to Lendio, we found out early on that connecting entrepreneurs to angels was very difficult because there were only a few entrepreneurs that were really a good fit for an angel investor.
We realized that more entrepreneurs are a better fit for SBA loans or working capital loans and those types of things. So we made the transition to Lendio. That’s kind of a little bit of my background and kind of an overview of how we got to where we’re at today.
