Lendistry to Power Grants for New Illinois Businesses That May Have Missed Out on State and Federal COVID Relief
“B2B” grants for businesses that launched during the pandemic are coming via a progressive, minority-led fintech that specializes in reaching underserved communities
SPRINGFIELD, Ill., November 16, 2023 (Newswire.com) - Lendistry announced today that it has been chosen by the Illinois Department of Commerce and Economic Opportunity (DCEO) to power a new infusion of small business grant funding in the Prairie State specifically awarding businesses that started during the COVID-19 pandemic. The Back to Business (“B2B”) New Business Grant Program (“New Biz”) will reimburse eligible small businesses in industries that have been hardest hit by the pandemic, many of which, due to their recent startup status, did not qualify for state grants and most federal emergency support. Grant amounts will range from $5,000 to $30,000.
The fintech, which provided Paycheck Protection Program (PPP) loans to over 16,000 Illinois businesses amounting to over $330 million during the pandemic, is eager to continue making an impact. Qualified businesses must have a date of incorporation between January 2020 and December 2021. Grant amounts will be based on the start date and whether the business is brick-and-mortar or home-based.
“We’re proud to partner with DCEO and the state of Illinois to help small business owners who were brave enough to open up shop in the middle of the biggest disruption our generation has seen,” says Everett K. Sands, CEO of Lendistry. “Opening up while also taking on extra expenses to keep customers and staff safe was costly in many ways. My team and I applaud those entrepreneurs for supporting their communities and are proud to deliver the support needed to help them reach sustainable revenues and grow.”
Since 2015, 90% of Lendistry’s grant and loan fundings have supported firms with 10 employees or fewer, with the majority deployed to businesses in underserved communities. Together, Lendistry and the state of Illinois are giving local businesses the solid foundation they need to revitalize their communities and thrive in the new normal.
To learn more about these programs and apply, visit www.b2bnewbiz.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.