Lendistry Supporting New Colorado Businesses as a Startup Loan Fund Lender
The progressive fintech lender that helped bring PPP and CLIMBER to underserved Colorado small businesses is now offering OEDIT-supported startup loans up to $150,000 statewide.
DENVER, September 1, 2022 (Newswire.com) - Lendistry, a progressive small business lender and fintech, announced today that it is offering financing under the Colorado Startup Loan Fund across the state. The loans are meant to provide growing businesses with affordable working capital. While many organizations offer these loans on a regional basis, Lendistry will open its program with term loans of $50,000 to $150,000 to businesses all over Colorado.
The Colorado Startup Loan Fund is an SSBCI program supported by the Colorado Office of Economic Development and International Trade ("OEDIT"). To be eligible for a loan under this program, applicants must complete a business development program with Small Business Development Centers ("SBDC").
"Small businesses are still feeling the effects of the pandemic and need lenders who are willing to give them a fair chance," says Everett K. Sands, CEO of Lendistry. "Responsible financing is hard to come by for businesses that are in the early stages, especially in historically underserved and undercapitalized communities. Lendistry is proud to offer Colorado's new generation of small business owners a pathway to build their credit and support long-term growth."
In the pandemic's early days, Lendistry advocated to offer Paycheck Protection Program ("PPP") loans in all 50 states, providing over $20.7 million in forgivable loans in Colorado. Earlier this year, Lendistry began offering infusions of working capital at below-market rates through the CLIMBER program.
Business owners can visit www.lendistry.com/colorado-startup-loan to learn more about the Colorado Startup Loan Fund program and apply.
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 a member of the Federal Home Loan Bank of San Francisco, 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, becoming the #8 PPP lender in the country in 2021. Lendistry 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. As a previous SBA Community Advantage lender in California, Lendistry was historically one of the top-ranked lenders in that program in the nation, providing responsible financing to small business owners who needed responsible capital to grow. 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. In 2022, Lendistry SBLC, LLC, a subsidiary of B.S.D. Capital, Inc., became the nation's only African American-led SBA designated Small Business Lending Company.
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