Lendistry to Administer $ 100 Million in COVID-19 Resilience
LOS ANGELES, Dec. 09, 2021 (GLOBE NEWSWIRE) – Lendistry announced today that it has been selected by the New York Department of Small Business Services to administer the COVID-19 Small Business Resilience Grants Program of New York of $ 100 million. The country’s only fintech CDFI and the largest minority-led capital deployer in COVID relief funding, Lendistry has positively impacted the small business community throughout the pandemic, deploying more than $ 4 billion of grants across the country.
Launched on December 8, 2021, the NYC Small Business COVID-19 Resilience Grant Program is designed to award grants of $ 10,000 each to eligible small businesses in hard-hit industries like the arts, entertainment, recreation, hospitality and food services; and businesses that operate out of low to moderate income census tracts.
âLocal businesses still need help recovering and pivoting after the last year of disruption,â said Lendistry CEO Everett K. Sands. âWe are proud to serve New York City’s small businesses and will continue to raise our hands to help underserved businesses and their communities during the pandemic. “
“Small businesses are the backbone of our economy. Without them, our city will not move forward in our recovery efforts,” said Jonnel Doris, commissioner of the NYC Department of Small Business Services and co-chair of Small Business Subcommittee of the Taskforce. on racial inclusion and equity. âLendistry has a long history of administering financial assistance to small businesses, and we’re excited to partner with them to ensure our small businesses get the help they need as quickly as possible. “
Using its proprietary fintech platform, Lendistry will ensure that lower income businesses come first. To this end, the program’s three funding cycles have been designed to distribute funds first to businesses with the lowest incomes.
- The first round of funding will prioritize small businesses with sales of less than $ 1 million.
- The second round will fund small businesses in the first priority group and businesses with revenues between $ 1 million and $ 3 million.
- The third cycle will fund small businesses in the first two priority groups and businesses with revenues over $ 3 million.
Fintech founded to fill the gaps that leave the fastest growing group of small business owners without service in the financial industry, Lendistry is committed to providing economic opportunities to small businesses owned by women, minorities and veterans. , and those located in low-income areas. . About 80% of the relief funds the lender disbursed through SBA programs and state-funded grants went to these historically underserved businesses. Lendistry remains committed to providing access to capital, because when small businesses thrive, so do their local communities.
Small business owners can learn about its program, verify its eligibility, and apply at https://covidresilience.nyc/.
BSD Capital, Inc. dba Lendistry (lendistry.com) is a technology-enabled, minority-led small business and commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry is one of the nation’s top SBA Community Advantage lenders, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco and is headquartered in an opportunity area of ââLos Angeles. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states and was selected by the states of California, Pennsylvania, and New York to administer their personal assistance programs. small businesses, which distributed grants to businesses that lost significant revenue during the pandemic. Lendistry and its non-profit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and incremental growth to underserved small urban and rural businesses and their communities.
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