LOS ANGELES, January 11, 2022 (Newswire.com) - Lendistry announces today that it will contribute a portion of its New Markets Tax Credits allocation to the Destination Crenshaw project. A historic Black business district in Los Angeles is about to undergo the largest Black public art project in the country and long-needed improvements to its infrastructure. Lendistry has joined five mission-based organizations in supporting local artists, businesses and residents in a neighborhood that knows its worth and is willing to step up to achieve transformation.
"Destination Crenshaw celebrates the history of the Black community within Los Angeles, one our team members are proud to be a part of and to represent," says Everett K. Sands, President & CEO of Lendistry. "Lendistry invested in this project not only for positive business reasons, but we want to be a part of our communities' future legacies, and this will surely be one of them."
A New Model for Community Elevation
The Destination Crenshaw project was launched to revitalize the Black business corridor along Crenshaw Boulevard between 48th to 60th streets in Los Angeles. This community development project promises to elevate the 1.3-mile district through infrastructure, job training, local business resiliency, environmental equity, and Black artist job creation initiatives.
- Much-needed construction projects will revitalize the community's infrastructure.
- Public art installations and murals commissioned from over 100 local artists will create a culturally-enriched district that celebrates Black cultural narratives.
- Over 800 new trees and 10 "pocket parks" making up 30,000 square feet of sustainable landscaping will add green spaces and improve the community's environment.
With a 70% local hiring requirement, this multi-faceted project will have a positive long-term impact on the Crenshaw Corridor's business district and its surrounding neighborhoods.
- Help sustain over 40 local small businesses and non-profits.
- Create over 40 permanent jobs and over 600 construction jobs.
- An apprenticeship program will forge pathways to living-wage careers for low-income residents.
"Destination Crenshaw is deeply appreciative of our partners' investment in the Crenshaw community and their leadership in providing new market tax credits to this one-of-a-kind infrastructure project," says Jason Foster, President and COO of Destination Crenshaw. "We hope this marks the beginning of a long-lasting relationship with each of them as we continue to invest in our community, our residents and our entrepreneurs."
Destination Crenshaw CDC designed this program to model what's possible when a community commits to honoring its history and claiming its future. This project aligns perfectly with Lendistry's mission to provide economic opportunities and progressive growth for small businesses and their underserved communities.
The Impact of New Markets Tax Credits
A project of this magnitude is possible when mission-driven organizations pool their resources for maximum impact. Lendistry, along with three fellow Community Development Entities (CDEs), supports this project with funding made possible by $30,000,000 in New Markets Tax Credits (NMTC) allocations: Lendistry ($10 million), New Markets Support Company ($7 million), Building America ($8 million), and U.S. Bank ($5 million). U.S. Bank is the sole investor in the NMTCs. This collaboration has provided Destination Crenshaw with $29,230,000 in low-cost funding.
"U.S. Bank is committed to supporting projects that drive racial equity, and we're excited about this unique opportunity to support the Crenshaw community while also spotlighting Black artists and Black history," says Laura Vowell, business development director with U.S. Bancorp Community Development Corporation (USBCDC), the community investment and tax credit division of U.S Bank. "It's why we're not only supporting Destination Crenshaw as a NMTC investor but bringing NMTC allocation through our own community development entity."
Jeff Monge of Monge Capital acted as a consultant, forging relationships between all parties to help this momentous project move forward. Monge's guidance and experience at every step made this complex process run smoothly. "Destination Crenshaw is an innovative investment and game-changer for how infrastructure projects can be positioned to support and sustain community development," says Monge.
The Destination Crenshaw project is exactly the kind of initiative that Lendistry applied to the NMTC program to support. Every aspect of this project, from planning, to funding, to implementation, shows that when community organizations and financial institutions align themselves toward a shared mission, they can make meaningful change that affects generations to come.
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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