- New Applicants Can Apply Through February 8, With No Advantage for Early Birds and No Action Necessary for Round One Applicants Who Were Not Selected -
- Round One’s 45-Day Funding Distribution Period to Selected Diverse, Disadvantaged and Disproportionately Impacted Businesses and Nonprofits Began January 22 -
- More than 300,000 Round One Applications Completed, Processed, Prioritized in Less than Three Weeks -
LOS ANGELES, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Lendistry, the leading fintech Community Development Financial Institution (CDFI) and the intermediary of the $500 million California Small Business COVID-19 Relief Grant Program managed by California’s Office of the Small Business Advocate (CalOSBA), announced that the Program’s second grant application period opened today, February 2, and will continue until February 8 at 6 p.m. PST.
Grants range in size from $5,000 to $25,000. Lendistry urges small businesses and nonprofits that did not apply in the first round to visit CAReliefGrant.com to find information on grant requirements, eligibility and application assistance. Lendistry has assembled a statewide network of partners, consisting of fellow mission-based financial institutions as well as small business advisory and technical assistance providers. Lendistry’s network, along with State-supported small business centers, is available to support applicants.
For first round applicants who were not selected to move forward, no action is necessary. All completed first round applications automatically will be evaluated again, with priority given to regions and industries impacted by the COVID-19 pandemic, disadvantaged communities and underserved small business groups. All applications will be considered and prioritized based on impact.
Just as in the first round, the process is not first come, first served, meaning there is no advantage or disadvantage related to when a completed application is submitted during the application period.
“Small businesses and non-profits are feeling desperate as the COVID-19 pandemic continues to impact all aspects of life for Californians and their customers around the country and the around the world,” said Everett K. Sands, Lendistry’s Chief Executive Officer. “A great feature of the Small Business COVID-19 Relief Grant Program is that everyone who has not yet been selected to move forward, and everyone who has not yet applied, has another chance to receive a grant.”
“Speed and impact are top goals that CalOSBA and the State have for the Small Business COVID-19 Relief Grant Program. Lendistry’s mission is connecting small businesses with capital, and we are proud to put our processing platform and our talented team to work to deliver first round grant dollars to the diverse, disadvantaged and disproportionately impacted pool of selected businesses and nonprofits as fast as possible,” Mr. Sands concluded.
Funds from the first grant application round are being disbursed over a 45-day verification period that began on Friday, January 22. Of the businesses and nonprofits selected to move forward:
- 77% are underserved and disadvantaged small businesses
- 51% are owned by a minority
- 49% are women-owned
- 58% are LMI
- 14% are rural
More than 300,000 applications were successfully completed and submitted during the 15-day first round application window that opened on December 30, 2020 and closed on January 13, 2021, and notification of selected applicants began on January 15 and was completed on January 22.
About Lendistry
Lendistry is a minority-led, technology-enabled CDFI and CDE small business and commercial real estate lender. Lendistry ranks second nationwide in SBA Community Advantage lending, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco, headquartered in a Los Angeles Opportunity Zone with an office also in a Baltimore Opportunity Zone. Lendistry’s nonprofit related entity, The Center for Strategic Economic Studies and Institutional Development, provides technical assistance, educational, and other services to many of Lendistry’s small business customers. Visit Lendistry.com for more information.