The fintech that powered New York small business relief grants expands its progressive lending model in the Empire State
May 17, 2022 06:36 PDT
NEW YORK, May 17, 2022 (Newswire.com)
Lendistry (www.lendistry.com) announces today that its unique lending model is open for business in New York. Since 2015, the minority-led fintech has provided $8.6 billion in funds to 561,000 businesses in underserved communities, with 90% of fundings supporting firms with 10 employees or fewer. In 2021, Empire State Development selected Lendistry to administer its $800 million New York State COVID-19 Pandemic Small Business Recovery Grant Program. Soon after, the NYC Department of Small Business Services chose the fintech to administer the $100 million NYC Small Business COVID-19 Resilience Grant Program. With two new local Business Development Officers now joining Niles Stewart, the company’s New York-based SVP of Sales, Lendistry expands its lending footprint to support undercapitalized NY small businesses through their growth years.
In 2022, Tondalaya London was a Power Women of Brooklyn Honoree, awarded by Schneps Media and Congressman Suozzi, and received the New York State Assembly Citation from Assembly Member Stefani Zinerman. As a VP Business Development Officer, London represents Lendistry’s traditional lending products, including term loans and lines of credit.
“I am truly 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 to a thriving economy, and it is a privilege to be a part of a team whose goal is to have the most encouraging impact on the small businesses that we serve.”
Darien Ward, also a VP Business Development Officer, joins the team after serving as a loan officer in the SBA’s Office of Disaster Assistance Loan Processing and Disbursement Center. 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 country’s only African American-led non-bank lender to offer SBA 7(a) loans.
“The SBA 7(a) loan program is the capital creation cornerstone for fair and transparent lending to any small business to realize their dreams,” says Ward. “The SBA has a proven track record of sustaining business growth and likewise sustaining communities. I’m honored to be part of each small business’s story and help them access the funds they deserve.”
Lendistry became a national lender when it went all-in to support small businesses through the pandemic, growing its team from 40 to several hundred in a span of months. Built on a foundation of scalable technology and robust community development networks, the fintech’s model made it the ideal partner to make sure PPP loans and state-funded relief grants were deployed to the businesses that needed them most.
“We advocated hard to offer PPP loans to businesses nationwide. We could not in good conscience limit our impact to our home state of California alone,” says 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 all over the country. New York is the first of many places where we’re putting down roots.”
To access responsible, flexible financing, New York small business owners can click here to reach the Lendistry team.
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.
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