April 26, 2022
SBA Hot Topic Tuesday – Lendistry Granted an SBLC License to Provide Mission Based Lending
“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, a fintech and CDFI lender, was founded in 2015 with a mission to increase access to capital for businesses in low-income and rural areas and businesses owned by people of color and women. They are one of fourteen non-depository lending institutions nationwide that earned an SBLC license. This new licensing allows them to offer 7(a) loans up to $5 million to clients across the country and gives them a significant increase in capital to provide loans to underserved markets.
Recently, OneUnited Bank, the largest Black-owned bank in the country, partnered with Lendistry with the intention of directing their business customers to a highly respected lender. In seven years, Lendistry supported well over half a million loans with a portfolio of $8.5 billion, and this partnership will support more growth in Lendistry’s loan origination.
“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.”