Lendistry SBLC, LLC Becomes Nation's Only African American-Led SBA Small Business Lending Company
LOS ANGELES, April 19, 2022 (Newswire.com) - B.S.D. Capital, Inc. dba Lendistry ("Lendistry") announced today that Lendistry SBLC, LLC, its wholly-owned subsidiary, was granted a Small Business Lending Company license from the U.S. Small Business Administration. The fintech lender is one of only 14 non-depository lending institutions nationwide to hold such a designation and is the only African American-led lender to hold an SBLC license. With the license, Lendistry SBLC can offer SBA 7(a) loans of up to $5 million nationwide, allowing the community-minded lender to serve a fast-evolving community of small business owners.
"There are millions of new small businesses entering the market following The Great Resignation, and a significant number of them are owned by women and minorities," says Everett K. Sands, CEO of Lendistry. "These underserved and undercapitalized borrowers are driving what I call 'The Great New Business Formation' happening in this country, and these borrowers have always been central to Lendistry's lending. Now the new SBLC license will be a game-changer in the communities we serve - providing even greater capital to even more small businesses across the country."
Lendistry was created to innovate new ways to close the gaps in the financial industry for businesses that have historically lacked access to capital: businesses located in low-income or rural areas, and local businesses owned by people of color and women. With its progressive takes on traditional lending practices, Lendistry has proven that deploying capital to these communities can be done in an impactful, responsible way.
The $5 million maximum loan size under SBA 7(a) represents a significant increase in the amount Lendistry SBLC can offer growing businesses across the country. According to Sands, this means small business owners have access to a long-term, responsible lending source as they evolve from micro businesses to middle-market businesses and beyond.
"Lendistry has forged the way for low-to-moderate-income areas and minorities as one of the top lenders in the SBA Community Advantage and Paycheck Protection Programs," adds Tammy deClercq, Lendistry's Head of SBA Operations. "We are thrilled to be able to extend our support to allow small businesses access to responsible capital with a broader reach."
It is rare for a non-depository institution like Lendistry SBLC to offer loans at this scale under the SBA 7(a) program. Even more rare is an SBLC licensee whose parent organization can also offer loans under other community development programs.
As a CDFI, Lendistry's network of community development partnerships and experience deploying capital to underserved communities contributed to it becoming the #8 PPP lender in the country in 2021. The fintech was one of the few CDFIs to step up to offer Paycheck Protection Program loans to small businesses that may have otherwise missed out due to lack of relationships at larger banks. As an SBLC, Lendistry's new entity is poised to help the next generation of small business owners grow into influencers in the country's economic landscape.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led and technology-enabled 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 a Los Angeles Opportunity Zone. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states, becoming the #8 PPP lender in the country 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 revenues during the pandemic. As a previous SBA Community Advantage lender in California, Lendistry was historically one of the top-ranked lenders in that program in the nation, providing responsible financing to small business owners who needed responsible capital to grow. Lendistry and its nonprofit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities. In 2022, Lendistry SBLC, LLC, a subsidiary of B.S.D. Capital, Inc., became the nation's only African American-led SBA designated Small Business Lending Company.
Press contact: Communications@lendistry.com
Source: Lendistry
