Lendistry Supports Colorado's Small Business Recovery as a CLIMBER Loan Fund Lender
After administering COVID-19 relief grant programs across the country, Lendistry steps up as a statewide provider of recovery loans in Colorado
LOS ANGELES, March 14, 2022 (Newswire.com) - Lendistry, the largest minority-led deployer of capital in the nation, announced today that it is a statewide lender for the Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER) Loan Fund. This program was launched to help qualified Colorado small businesses access low-cost financing for working capital. As a nationwide fintech CDFI that has spent the past two years supporting underserved small businesses through the pandemic, Lendistry is an experienced partner for Colorado small business owners who need affordable capital to recover and continue to serve their communities.
To qualify for the CLIMBER program, businesses must be for-profit, non-profit or sole proprietors based in Colorado, and must show two years of positive income that could support their operations before the pandemic began. Qualified applicants must have 5-99 employees, 51% of whom live in Colorado.
CLIMBER loans are meant to provide small businesses with an infusion of $30-$500K in working capital at below-market rates. For an established business going through a disruption, working capital can cover the costs of inventory, payroll, marketing, utilities, rent, interest payments, upcoming debt payments, and more while the business returns to sustainable revenue. Payments on CLIMBER loans can be deferred for up to a year, giving hard-hit businesses the foothold they need to get back on their feet.
"These loans will make a high-quality impact on small businesses that are working hard to get back to normal," says Lendistry CEO Everett K. Sands. "We're proud to support Colorado's small business community through this program and beyond."
Lendistry excels at delivering capital where it is needed most, earning a #8 ranking nationwide in Paycheck Protection Program loan deployment in 2021. In Colorado, Lendistry helped over 1,200 small businesses receive $21 million in forgivable PPP loans to help them keep employees on board. The fintech lender is ready and eager to continue providing affordable capital to Colorado businesses.
While many CLIMBER lenders are based in specific counties, Lendistry is a statewide lender for this program. Qualified business owners across Colorado can reach the Lendistry team at firstname.lastname@example.org.
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 an SBA Community Advantage lender in California, Lendistry has historically been one of the top-ranked lenders in that program in the nation, providing responsible financing to small business owners who need 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.
Kate Kearns, Communications Manager