Lendistry champions progressive funding for New York
NEW YORK, May 17, 2022 (GLOBE NEWSWIRE) — Lendistry (www.lendistry.com) today announces that its unique lending model is open for business in New York. Since 2015, the minority-run fintech has provided $8.6 billion in funding to 561,000 businesses in underserved communities, with 90% of funding supporting businesses with 10 or fewer employees. In 2021, Empire State Development has selected Lendistry to administer its $800 million COVID-19 Pandemic Small Business Recovery Grant Program in New York State. Shortly thereafter, New York’s Department of Small Business Services selected fintech to administer the $100 million COVID-19 Resilience Grant program for New York’s small businesses. With two new local business development officers now joining Niles Stewart, the company’s New York-based senior vice president of sales, Lendistry is expanding its lending footprint to support undercapitalized New York small businesses throughout their growing years.
In 2022, Tondalaya London was a Power Women of Brooklyn Honoree, awarded by Schneps Media and Congresswoman Suozzi, and received the New York State Assembly Citation from Congressman Stefani Zinerman. ‘Assembly. As Vice President of Business Development, London represents Lendistry’s traditional lending products, including term loans and lines of credit.
“I’m really excited to join the Lendistry team, says London. “I see this as an opportunity to contribute to an exciting and forward-thinking company. Small businesses are the backbone of a thriving economy, and it’s a privilege to be part of a team whose goal is to have the greatest impact on the small businesses we serve. »
Darien Ward, also vice president of business development, joins the team after serving as a loan officer in the SBA’s disaster assistance loan processing and disbursement office. Now, Ward provides access to SBA 7(a) loans through Lendistry SBLC, LLC, the lender’s new subsidiary. Earlier this year, Lendistry SBLC became the only African-American-led non-bank lender in the country to offer SBA 7(a) loans.
“The SBA 7(a) Loan Program is the cornerstone of creating capital for fair and transparent lending to any small business to achieve their dreams,” says Ward. “The SBA has a proven track record of supporting business growth and supporting communities. I’m honored to be a part of every small business’s story and help them access the funds they deserve.”
Lendistry became a national lender when it pulled out all the stops to support small businesses during the pandemic, growing its team from 40 to several hundred in a matter of months. Built on a foundation of scalable technology and strong community development networks, the fintech model made it the perfect partner to ensure that PPP loans and state-funded relief grants were rolled out to businesses that needed it. needed the most.
“We have been a strong advocate for offering PPP business loans nationwide. We could not in good conscience limit our impact to just our home state of California,” said Everett K. Sands, CEO of Lendistry. “Now that we’ve reached coast to coast, we’re on a mission to make the word ‘underserved’ a thing of the past nationwide. New York is the first of many places we’re laying down our roots.”
To access responsible and flexible financing, New York City small business owners can click here to contact the Lendistry team.
BSD Capital, Inc. dba Lendistry (lendistry.com) is a minority-led, technology-driven small business and commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry is a member of the Federal Home Loan Bank of San Francisco, headquartered in an opportunity area of Los Angeles. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states, becoming the nation’s 8th largest PPP lender in 2021. Lendistry was selected by the states of California, Pennsylvania and New York. to administer their Small Business Relief Programs, which distributed grants to businesses that lost significant revenue during the pandemic. As a former SBA Community Advantage lender in California, Lendistry was historically one of the best SBA Community Advantage lenders in the country, providing responsible financing to small business owners who needed responsible capital to grow. Lendistry and its partner nonprofit organization, The Center by Lendistry, are dedicated to providing economic opportunity and incremental growth to underserved urban and rural small businesses and their communities. In 2022, Lendistry SBLC, LLC, a subsidiary of BSD Capital, Inc., became the only SBA-designated small business lending company run by African Americans.
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Lendistry provides economic opportunity and incremental growth to small businesses and their underserved communities as a source of funding and financial education.
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