Lendio partners with Lendistry to ease capital access for Underserved Communities
By Pavithra R
Lendio, a leading marketplace for small business loans has announced that the company has partnered with Lendistry, an online lender that focuses on providing economic opportunities and progressive growth for minority small business (SMB) owners and those in underserved communities.
According to the U.S. Department of Commerce Minority Business Development Agency, minority owned businesses experience significant disparities in access to capital. More than 70% of Lendistry’s SMB customers are women, minorities, veterans and those who serve in underserved communities.
Together, Lendistry and Lendio’s shared the mission to fuel entrepreneurship which will provide the much needed access to government relief funds as well as working capital as businesses seeks to bounce back.
“We’re extremely proud to add Lendistry to Lendio’s marketplace of small business lending options. Lendistry’s mission-driven approach to financing small businesses aligns with our own commitment to fueling the American dream. Now more than ever, business owners in underserved communities need funding to keep them going and help them plan for the future. Lendistry’s experience and expertise coupled with Lendio’s high-tech, consultative approach will do just that,” said Brock Blake, CEO and co-founder of Lendio.
As part of the CARES Act, the federal government created the Paycheck Protection Program (PPP) and set aside $650 B to help small businesses. Todate, Lendio has facilitated over $8 B in PPP loans for more than 100,000 small businesses across the U.S. According to company data, the average PPP loan size facilitated through Lendio is $65,000, where the national average is around $114,000.
“Small businesses across the country are still feeling the impacts of the coronavirus pandemic. Many of the hardest-hit businesses are minority-owned or operating in underserved communities. Partnering with Lendio will allow us to connect more of these business owners to a diverse range of capital solutions, whether in the form of SBA relief funds for their short-term needs or ongoing financing to facilitate long-term growth and success,” said Everett K. Sands, CEO of Lendistry.
Founded in 2014, Lendistry is a minority-owned and FinTech serving small business and commercial real estate lender. It offers small business term loans and lines of credit with responsible rates, transparent terms and fast delivery. Its traditional focus is on minorities, women and veteran-owned businesses in underserved and rural markets. The company recently partnered with Goldman Sachs for PPP Loans.
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