Lendistry Brings the Speed of Fintech to Government Program for Maryland Small Businesses
BALTIMORE, March 19, 2024 (Newswire.com) - Lendistry announced today that it has updated its smart scoring fintech solution, which is designed to provide small business loans equitably to underserved communities, to provide fast and responsible loan offers to applicants who are eligible for state-sponsored loans. These loans are supported by the Maryland Department of Housing and Community Development's Neighborhood BusinessWorks Loan to Lender program, through which Governor Moore committed $15 million to Lendistry in 2023. The program allows Lendistry to offer financing with lower fees and lower rates than traditional loans, and no prepayment penalty.
Lendistry launched this program with a loan maximum of $350,000, and has now raised its limit to $500,000. Thanks to its new scored automations, borrowers who are eligible for the program and applying for under $150,000 can receive funding in as little as two business days.
“We rolled out our new scoring system in October of last year to make SBA 7(a) and our traditional loans available as fast as possible, but with transparency and responsible underwriting built into the automated process. That was only the beginning,” says Everett K. Sands, CEO of Lendistry. “State-funded small business programs have a lot of potential to help borrowers that traditional lenders perceive as too risky to get approved for capital—if the programs can be accessed quickly and conveniently. Applying our technology to these types of loans will be a game changer for Maryland businesses, and more states in the future.”
“Ensuring that a loan is accessible with few barriers means that our resources will be available to an entirely new swath of small business owners – particularly those who have been historically underserved,” said Maryland Department of Housing and Community Development Secretary Jake Day. “This is a critical change that will directly support Maryland business owners and encourage much-needed economic growth across the state.”
What does this look like for Lendistry applicants who apply for loans in Maryland? Borrowers who reach the offer stage and are eligible for a loan supported by this program will automatically be presented with a choice with a lower rate. It’s that simple.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital, and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry’s leadership is often called upon to share their expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
Source: Lendistry
