Lendistry to Administer $150 Million in Grants for California's Live Venues
Lendistry and the state of California continue to raise the bar for state-funded COVID-19 relief grants with a new program aimed to support live event spaces.
LOS ANGELES, October 25, 2021 (Newswire.com) - Lendistry announced today that it will administer a new grant program to support independent live venues in California. The California Venues Grant Program, set to launch on October 29, 2021, will provide grants to venues that lost significant revenue in 2020 and 2021 and that gain most of their revenue through ticket sales and event promotion.
To keep their communities and employees safe, spaces that host in-person events closed their doors for several months. While events are beginning to take place again, many venues need support to recover from the long period without income.
This program follows the $4 billion California Small Business COVID-19 Relief Grant Program, also powered by Lendistry. With these two programs combined, Lendistry and the State of California have deployed the largest COVID-19 grant relief effort in the country. After the success of the California Small Business COVID-19 Relief Grant Program, whose selection and funding phase is still ongoing, the fintech lender stands ready to deliver support for its home state's live venues.
Lendistry CEO, Everett K. Sands, says, "Live events play an essential role in their local economies and offer a much-needed safe space for people to come together. Lendistry is ready and willing to help support our California venues as they work to reopen and provide a positive atmosphere for our return to the new normal."
Grant amounts for this initiative will be the lesser of $250,000 or 20% of the applicant's gross earned revenue in California for the 2019 taxable year. Eligible independent live events venues must have a physical address and operate in California. To qualify for this program, an eligible venue must have a defined performance and audience space, lighting and sound equipment, and one or more paid employees who carry out roles such as sound engineering, stage management, promotion, among others. Lendistry will accept applications through its proprietary platform from October 29-November 19, 2021. Specific details about eligibility and the application process can be found at CAVenuesGrant.com.
Having administered relief and recovery grant programs in several states and counties, and after ranking #8 nationwide in Paycheck Protection Program (PPP) lending for 2021, Lendistry remains committed to leveraging its expertise and technology to support small businesses and, by extension, local economies, through this pandemic toward a robust and resilient future.
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 ranks second nationwide in SBA Community Advantage lending, 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.
Press contact: Communications@lendistry.com