Lendistry to Administer $100 Million in COVID-19 Resilience Grants to Small Businesses in New York City
The minority- and women-led fintech will leverage its technology and expertise to support low-income NYC businesses affected by the pandemic
LOS ANGELES, Dec. 09, 2021 (GLOBE NEWSWIRE) — Lendistry announced today that it has been selected by the NYC Department of Small Business Services to administer the $100 million NYC Small Business COVID-19 Resilience Grant Program. The only fintech CDFI in the nation, and the largest minority-led deployer of capital in COVID relief funding, Lendistry has made a positive impact on the small business community throughout the pandemic, deploying upwards of $4 billion in grants across the country.
Launched on Dec. 8, 2021, the NYC Small Business COVID-19 Resilience Grant Program is designed to award grants of $10,000 each to eligible small businesses in hard-hit industries like arts, entertainment, recreation, accommodation and food services, and businesses that operate from low-to-moderate income census tracts.
“Local businesses still need support to recover and pivot after the past year of disruption,” says Lendistry CEO, Everett K. Sands. “We are proud to serve the small businesses of New York City and will continue to raise our hands to help underserved businesses and their communities through the pandemic.”
“Small businesses are the backbone of our economy. Without them, our city will not move forward in our recovery efforts,” said Jonnel Doris, Commissioner of the NYC Department of Small Business Services and Co-Chair of the Small Business Subcommittee of the Taskforce on Racial Inclusion and Equity. “Lendistry has a long track record in administering financial support to small businesses, and we are pleased to be partnering with them to ensure our small businesses get the aid they need as quickly as possible.”
Using its proprietary fintech platform, Lendistry will ensure that the lowest income businesses are given priority. To this end, the program’s three funding rounds have been designed to distribute funds to businesses with the lowest revenue first.
- The first round of fundings will give priority to small businesses with revenue under $1 million.
- The second round will fund small businesses in the first priority group and businesses with revenue between $1 million and $3 million.
- The third round will fund small businesses in the first two priority groups and businesses with revenue greater than $3 million.
A fintech founded to fill the gaps that leave the fastest-growing group of small business owners unserved in the financial industry, Lendistry is committed to providing economic opportunities to small businesses owned by women, minorities and veterans, and those located in low-income areas. Roughly 80% of the relief funds the lender has disbursed through SBA programs and state-funded grants have been awarded to these historically underserved businesses. Lendistry remains committed to providing access to capital, because when small businesses thrive, so do their local communities.
Small business owners can learn about his program, check eligibility and apply at https://covidresilience.nyc/.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led and technology-enabled small business and commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry is one of the top-ranked SBA Community Advantage Lenders nationwide, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco, and is headquartered in a Los Angeles Opportunity Zone. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states and 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 revenues during the pandemic. Lendistry and its nonprofit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
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