Lendistry to Administer $35M Dream Fund, Powering California Entrepreneurship
California OSBA has chosen Lendistry to administer the grant portion of its new technical assistance program to support new small businesses
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LOS ANGELES, May 03, 2022 (GLOBE NEWSWIRE) — Lendistry today announced that it has been selected by the State of California to administer the California Dream Fund Grants, a $35 million program to support entrepreneurship and the creation of small businesses. With their enhanced technical skills and an injection of capital, new small business owners will have a solid foundation on which to grow, innovate and serve their local communities.
To be eligible for a grant, applicants must have completed an extensive training program with participating centers under the Technical Assistance Expansion Program (TAEP). Upon completion of their training, eligible participants will receive a certificate of completion and a unique application code, which will be needed to apply for a grant of up to $10,000 through Lendistry. Most of the eligible TAEP network trainings are currently full and trainings are ongoing.
“Over the past two years, nearly 10 million new businesses have been created in the United States,” said Everett K. Sands, CEO of Lendistry. “We are excited to help new California businesses receive this catalytic capital as they begin their journey.”
“For the millions of Californians who dream of owning their own business, this grant, coupled with one-on-one advice and business expertise from hundreds of advisors at our eighty-seven Technical Assistance Centers, has the power to jump-start their dreams,” says Tara Lynn Gray, director of the California office of the Small Business Advocate (CalOSBA).
With a record number of new small businesses entering the market, many owned by women and minorities, programs like the California Dream Fund are paving the way for a more robust and equitable economy as these new businesses move from employment of their founders to employment of their communities.
Since late 2020, Lendistry has generated record amounts of relief grants for established California small businesses. The $4 billion California Small Business COVID-19 Relief Grant Program and the $150 million California Venues Program provided relief funds to small businesses and independent live event venues that lost significant revenue during of their closure to the public. Lendistry’s proprietary technology and network of community partners have helped roll out these grants to the state’s most underserved small business owners, including women, minorities, veterans, and businesses in rural areas.
As the largest minority-led capital deployer in the country and with its mission to provide access to capital in underserved communities, Lendistry looks forward to providing this new class of small business owners with grants to fund their dreams.
BSD Capital, Inc. dba Lendistry (lendistry.com) is a minority-led, technology-driven 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 an opportunity area of Los Angeles. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states, becoming the nation’s 8th largest PPP lender 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 revenue during the pandemic. As a former SBA Community Advantage lender in California, Lendistry was historically one of the best SBA Community Advantage lenders in the country, providing responsible financing to small business owners who needed responsible capital to grow. Lendistry and its partner nonprofit organization, The Center by Lendistry, are dedicated to providing economic opportunity and incremental growth to underserved urban and rural small businesses and their communities. In 2022, Lendistry SBLC, LLC, a subsidiary of BSD Capital, Inc., became the only SBA-designated small business lending company run by African Americans.
The Office of the Small Business Advocate (CalOSBA) helps support economic growth and innovation by ensuring California small businesses and entrepreneurs have the information, tools, and resources they need to plan, launch, manage and grow their businesses successfully and be resilient. The CalOSBA serves to raise their voice in state government and advocate on their behalf to help ensure that all aspiring and current small business owners and entrepreneurs have the opportunity to access capital, access markets and connect to the networks and resources they need to succeed. For more information, visit the website.
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Lendistry provides economic opportunity and incremental growth to small businesses and their underserved communities as a source of funding and financial education.
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