Lendistry Becomes the First Financial Institution to Sign the Equity in Infrastructure Pledge
By signing the pledge, the fintech cements its commitment to access to capital for historically underutilized small businesses pursuing infrastructure contracts
LOS ANGELES, March 26, 2024 (Newswire.com) - The Equity in Infrastructure Project and Lendistry announce today that the fintech has signed the Equity in Infrastructure Pledge. While most signatories are public agencies that create and maintain infrastructure, most recently New York’s Metropolitan Transit Authority, the Baltimore/Washington International Airport and the Airport Minority Advisory Council (AMAC), Lendistry is the first financial institution to sign the pledge.
EIP’s coalition now includes 59 CEOs of transit authorities, airports, ports, water districts, industry associations, and engineering and financial firms from across the country, and the White House has directly called upon Bipartisan Infrastructure Law grantees to sign the Pledge. EIP’s mission is to build generational wealth and reduce the racial wealth gap by improving public infrastructure contracting practices to create more prime, joint venture and equity contracting opportunities for Historically Underutilized Businesses (HUBs).
“Nationwide, infrastructure projects are creating more opportunities for underserved and undercapitalized communities to grow. But to turn those opportunities into wins, small business contractors need access to mobilization capital,” says Everett K. Sands, CEO of Lendistry. “Lendistry is proud to sign the Equity in Infrastructure Pledge, and I encourage other financial institutions to do the same so we can keep changing the lending ecosystem for the better.”
“EIP’s Coalition of the Committed is united in the belief that America does better when more people have a fair shot at the American Dream,” said EIP Co-Chair Phil Washington, who is CEO of the Denver International Airport.
“In contrast to the increasing legal attacks on statutory programs that invest in infrastructure, we represent a voluntary, CEO-level moral and ethical commitment to do the right thing that will help us continue making progress no matter what,” said EIP Co-Chair John Porcari, who served as US Deputy Secretary of Transportation.
“As industry leaders, we know that creating opportunities for Historically Underutilized Businesses increases competition and delivers more value from investments in infrastructure – for our public agencies and for the communities they serve,” said EIP Co-Chair Dorval Carter, Jr., who is President of the Chicago Transit Authority.
“We know how critical access to capital is for Historically Underutilized Businesses, so Lendistry brings especially valuable insights and support to EIP,” said EIP Co-Chair Rick Jacobs, a longtime advisor to infrastructure agencies, companies and related labor unions.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital, and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry’s leadership is often called upon to share their expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
About the Equity in Infrastructure Project
EIP’s coalition includes 59 CEOs of transit authorities, airports, ports, water districts, industry associations, and engineering and financial firms from across the country, and the White House has directly called upon Bipartisan Infrastructure Law grantees to sign the Pledge. EIP’s mission is to build generational wealth and reduce the racial wealth gap by improving public infrastructure contracting practices to create more prime, joint venture and equity contracting opportunities for Historically Underutilized Businesses (HUBs).
In addition to its national coalition, EIP recently launched its California Plan, which brings together infrastructure agencies to accelerate progress in the state and, given California's diversity and size, to accelerate progress nationally.
Source: Lendistry
