Lendistry is Powering Grants to Small Agricultural Businesses Affected by Drought and Flood
CalOSBA has selected the fintech to ensure grant funds are deployed equitably to businesses all over the state
LOS ANGELES, September 5, 2023 (Newswire.com) - Lendistry announces today that it has been selected to administer the California Small Agricultural Business Drought and Flood Relief Grant Program. The program will include separate application groups for agricultural businesses affected by drought and flood, respectively. Grant amounts will range from $20,000 to $100,000 and will be determined by the degree of profit loss the business has experienced.
A study out of University of California Merced Water Systems Management Lab reports that California's irrigated farmland shrank by nearly 10%, 752,000 acres, in 2022 compared with 2019, which has cost $1.7 billion in losses. The owners, most of whom represent families and multi-generation businesses, have done their best to nourish their crops with very limited resources.
Eligible agricultural businesses must be located in California and currently active and operating, with operations beginning prior to January 1, 2020. Drought applicants will be asked to show a decline in annual gross receipts or gross profits comparing the 2022 and 2019 taxable years. Official records from the United States Department of Agriculture will confirm that a business's area has experienced severe drought. Flood applicants will need to confirm that they are in a state or federally declared disaster area.
"Small agricultural businesses that feed their communities, our state and the country have experienced disruptions beyond their control," says Everett K. Sands, CEO of Lendistry. "It's in all of our best interests to make sure they have the support they need to continue their essential work. Additionally, agricultural businesses are often family businesses with long histories. We will help them keep doing what they do best by doing what we do best, using technology to ensure that disadvantaged communities have equal access to these funds."
Agricultural business owners are encouraged to apply at www.cadroughtfloodrelief.com.
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.