Lendistry, a minority-led fintech and Community Development Financial Institution (CDFI), announced today it has received a $5 million investment from City National Bank.
The capital injection aims to expand the provision of individual loans under $100,000 to support the rapidly growing small business sector in California, with a particular focus on minority- and women-owned enterprises in low-income neighborhoods.
The partnership between Lendistry and City National Bank is set to address the funding gaps faced by entrepreneurs who require smaller loan amounts to scale their operations, according to the announcement.
Traditional banks often find it challenging to offer such loans due to operational and regulatory constraints. Lendistry leverages its status as a fintech and CDFI with strong ties in California to effectively channel these funds to underserved communities.
City National Bank’s investment underscores its commitment to supporting small businesses, which are considered vital to local economies. The bank’s involvement is expected to enhance the growth opportunities for business owners in under-resourced areas, aligning with broader economic development goals.
Lendistry, headquartered in a Los Angeles Opportunity Zone, utilizes technology and community partnerships to mitigate systemic barriers to capital access. Since its inception, the company has deployed over $10 billion in funding and holds certifications as both a CDFI and Community Development Entity (CDE).
Additionally, Lendistry is an approved lender in the California Capital Access Program (CalCAP) and a member of the Federal Home Loan Bank of San Francisco.
Early this year, Lendistry’s CEO Everett K. Sands was recognized as an Entrepreneur Of The Year Greater Los Angeles award winner.
The company also operates Lendistry SBLC, LLC, the nation’s only African American-led Small Business Administration (SBA) designated Small Business Lending Company, and collaborates with The Center by Lendistry, a nonprofit business education organization.
These initiatives collectively aim to provide economic opportunities and foster progressive growth for underserved urban and rural small business borrowers and their communities.
B.S.D. Capital, Inc. dba Lendistry offers innovative lending products for small businesses and manages grant programs for government agencies across the United States.
