The number of companies seeking a loan to fund their growth has more than doubled over the past decade, and according to a new study by startup lender StartupFin.
The trend is even stronger among young companies.
The report, from StartupFin, looked at the number of startup companies in the United States seeking loans to fund expansion over the last decade and found that the average loan request was $3.2 million, with a median value of $3 million.
The average loan is more than double the $1.1 million loan requested by young tech companies, according to the report.
StartupFin, the world’s leading data-driven startup lender, also noted that venture capital funding and funding from the government are a big reason for the growth.
“More and more companies are looking for funding from investors and governments.
This means there is a lot of demand for venture capital and more funding is coming in from governments, which creates more demand for loan funds,” said StartupFin CEO Chris Pazdzian.”
For more than a decade, we’ve been focused on providing the best financing to entrepreneurs in the U.S. and globally.
In fact, we are the only startup lender in the world that has a global network of over 1,400 lenders.
This network enables us to provide the best experience possible for our lenders, investors and employees,” Pazdan said.
The number of loan applications received has more or less doubled in the last 10 years, with the average request for a loan coming in at $5 million.
For the same period, the average monthly payment has grown from $5.7 million to $9.9 million.