Lendistry Receives Capital From Goldman Sachs To Provide PPP Loans To Underserved Businesses, Doubles Footprint To 12 States

Los Angeles, California, UNITED STATES


- Part of Goldman Sachs’ Recent $500 Million Lending Commitment Through its 10,000 Small Businesses Initiative -

- Lendistry CEO Sands: “Lendistry is experienced in working with the smallest and most underserved businesses, including those owned by minorities, women and veterans, and we continue to accept PPP applications so that owners can be positioned right on top of the starting line when the SBA’s PPP process resumes.” -

- Eligible Businesses in Expanded 12-State Service Area Encouraged to Apply Now: California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, New Jersey, New York, Pennsylvania and Texas -

- Lendistry is 2nd Largest Provider of SBA ‘Community Advantage’ Loans -

LOS ANGELES, April 23, 2020 (GLOBE NEWSWIRE) -- Lendistry, the leading fintech Community Development Financial Institution (CDFI), announced today that it has entered into a significant financing facility with Goldman Sachs to fund the origination of SBA Paycheck Protection Program (PPP) Loans to small businesses and non-profit organizations when the program resumes operation. The financing transaction is a part of Goldman Sachs’ recently-announced $500 million lending commitment under its 10,000 Small Businesses initiative.

Lendistry also announced that it is currently accepting PPP applications from small business owners in twice as many states as before, including many of the most populous states in the country: California, Colorado, Florida, Georgia, Illinois, Iowa, Maryland, Michigan, New Jersey, New York, Pennsylvania and Texas. Among the markets targeted through Lendistry’s partnership with Goldman Sachs’ 10,000 Small Businesses are the cities of Atlanta, Baltimore and Philadelphia, and underserved areas in the states of California, Florida and Texas.

Open to all PPP applicants, Lendistry’s traditional focus is on minority, women and veteran-owned businesses in underserved and rural markets, and it qualifies for the pending $30 billion set-aside in SBA PPP funds for institutions with under $10 billion in assets. Lendistry processed approximately 2,000 PPP applications during the initial funding period that halted on April 16th, with a median approved loan size of $44,018.

“Lendistry is excited to dramatically expand both our available capital and our market presence to help more small businesses, and we appreciate Goldman Sachs’ partnership to reach our aligned goals of helping small businesses remain open and keep their employees on payroll,” said Everett K. Sands, CEO of Lendistry.

“Lendistry is experienced in working with the smallest and most underserved businesses, including those owned by minorities, women and veterans, and we continue to accept PPP applications so that owners can be positioned right on top of the starting line when the SBA’s PPP process resumes. We also are encouraged by the pending new regulatory enhancements and updates to the PPP designed to ensure a pool of funds dedicated to business owners who apply with smaller lenders, and we are ready to help our applicants compete for those funds,” Mr. Sands continued.

To apply, applicants can immediately visit the online application portal by clicking here or going to www.mylendistry.com.

To get ready and have the necessary documents on hand before applying:

Ranked 2nd nationwide in CDFI SBA Community Advantage lending (SBA loans of between $50,000 and $250,000), more than 70% of Lendistry’s small business owner borrowers are women, minorities, veterans, or operate in underserved areas. To date, Lendistry has partnered with more than 30 institutional partners that include leading investment and retail banks, foundations, fintech companies, and governmental entities.

Lendistry is a minority-owned and technology-enabled small business and commercial real estate lender. Certified by the United States Department of Treasury as a CDFI and a Community Development Entity (CDE), and a member of the Federal Home Loan Bank of San Francisco, Lendistry can secure key sources of long-term and low-cost capital such as the New Markets Tax Credit, CDFI Bond Fund, and loan guarantees. Lendistry and its nonprofit partner organization, The Center, support small business owners because when locally-owned businesses grow, their communities thrive with them.

Contact: Alison Connor, Lendistry
info@lendistry.com
844.662.7297
  
 Adam Weiner, Arrowpath Advisors
contact@arrowpath.com