Lendistry Receives $250K Commitment From State Bank of India (California) to Provide Financial Opportunities for Local Businesses
LOS ANGELES, August 20, 2019 (Newswire.com) - Lendistry announced today the State Bank of India (California) (SBIC) has committed $250K to Lendistry’s CRA Loan Fund I to provide financial opportunities to businesses in underserved communities in the Los Angeles area. SBIC joins a growing number of national and regional banks partnering with the fintech lender to provide capital to small businesses.
“The State Bank of India (California) is pleased to be partnering with Everett and his team. We are quite impressed with the community impact Lendistry has achieved in a relatively short period of time,” says SBIC President and CEO Mr. Rama Amara. “I’m especially pleased to see such strong support of minority and women-owned businesses, in addition to the many small business owners that may not have access to affordable capital. I know Everett and his team will continue to have a deep and sustained impact on the communities of California and many communities nationwide.”
According to a 2017 report published by the Consumer Financial Protection Bureau, small business debt financing is estimated to be a $1.4 trillion market. Despite the demand, originating small business loans is cost-prohibitive for most banks. Lendistry’s CRA Loan Fund I creates a cost-effective pathway for bank partners to supply the demand and invest in their communities. Since inception, the number of Lendistry’s bank partners has grown to twenty-one.
“We opened an office in a Downtown Los Angeles Opportunity Zone in 2018 with the very purpose of strengthening our relationships with banks like SBIC,” says Everett K. Sands, CEO of Lendistry. “Partnerships are the driving force behind our continued growth and the growth of our business customers and their communities.”
The State Bank of India (California) is a fully owned subsidiary of the 200-year-old State Bank of India, one of the largest banks in the world and a Fortune 500 company with controlling ownership by the government of India. Established in 1982, SBIC has seven branches throughout California and is headquartered in downtown Los Angeles.
Lendistry is a minority-owned, technology-enabled CDFI and CDE small business and commercial real estate lender providing responsible financing to small business owners and their underserved communities. Headquartered in a Los Angeles Opportunity Zone with future offices slated for Baltimore and Philadelphia Opportunity Zones in 2020, Lendistry ranks 2nd nationwide in SBA Community Advantage lending and is a member of the Federal Home Loan Bank of San Francisco.