Lendistry announces financing under Colorado Startup Loan Fund to support Colorado businesses

By Edlyn Cardoza

Lendistry, a progressive small business lender and FinTech, announced that it is offering financing under the Colorado Startup Loan Fund across the state. The loans are meant to provide growing businesses with affordable working capital. While many organisations offer these loans on a regional basis, Lendistry will open its program with term loans of $50,000 to $150,000 to businesses all over Colorado.

The Colorado Startup Loan Fund is an SSBCI program supported by the Colorado Office of Economic Development and International Trade. To be eligible for a loan under this program, applicants must complete a business development program with Small Business Development Centers.

“Small businesses are still feeling the effects of the pandemic and need lenders who are willing to give them a fair chance,” says Everett K. Sands, CEO of Lendistry. “Responsible financing is hard to come by for businesses that are in the early stages, especially in historically underserved and undercapitalised communities. Lendistry is proud to offer Colorado’s new generation of small business owners a pathway to build their credit and support long-term growth.”

In the pandemic’s early days, Lendistry advocated offering Paycheck Protection Program (“PPP”) loans in all 50 states, providing over $20.7 million in forgivable loans in Colorado. Earlier this year, Lendistry began offering infusions of working capital at below-market rates through the CLIMBER program.

IBS Intelligence reported that OneUnited Bank joined Lendistry to provide small business loans to OneUnited Bank customers. The Bank’s continuing mission is to close the racial wealth gap by providing a resource for term loans and non-revolving lines of credit to small businesses nationwide.