On Wednesday, technology-enabled small business lender and community development financial institution, Lendistry, announced it received a $3 million commitment from Community Bank. The companies have now teamed up to launch the Lendistry CRA Loan Fund I, which is a commercial small business (C&A) and commercial real estate (CRE) loan that will provide opportunities for small business owners in Southern California.
While sharing details about the partnership, Everett K. Sands, CEO of Lendistry, stated:
“We don’t see banks, large or small, as competitors, we view them as partners. Partnering with Community Bank is an innovative way for both companies to better serve our communities.”
Lendistry stated it provides term and SBA loans to California businesses in a range of industries including restaurants, manufacturing, healthcare, home improvement, and professional services to name a few. Sands explained that many business owners seek capital to expand an existing space, open a new location, purchase equipment, or cover day-to-day operating expenses, and adds that providing funding to California businesses helps retain and create new jobs.
The lending platform also noted that Community Bank’s partnership honors its founders’ ingenuity by entering the relatively new financial technology sector. As a technology-enabled lender, Lendistry can more readily adapt to the way small businesses are acquiring funding. Sands shared: “Small businesses want the approval process to be quick and easy.
“Small businesses want the approval process to be quick and easy. Lendistry’s proprietary software streamlines the approval process, even for products like SBA.”
Sands added that he hopes lenders working together and implementing advances in technology to better serve their clients will revitalize the Land of Opportunity.