Lendistry's Commitment From Pacific Western Bank Increased From $500,000 to $5 Million
Proving Banks are Partners, Not Competitors, for the Small Business Lender
LOS ANGELES, October 15, 2019 (Newswire.com) - After a successful first investment, Pacific Western Bank has increased its investment in Lendistry's CRA Loan Fund I to $3.5MM. There is also a new investment directly into the CDFI offering the bank national credits to cover its multi-state MSAs for the amount of $1.5MM. The Lendistry CRA Loan Fund invests in commercial small business (C&I) and commercial real estate (CRE) loans, providing more funding opportunities for small business owners throughout California. Pacific Western Bank, wholly owned by PacWest Bancorp, which was named best bank in the United States for 2017 by Forbes Magazine, has branches throughout Southern and Central California, plus one in North Carolina.
"We have always viewed banks as partners in providing funding to small businesses," said Everett K. Sands, Lendistry CEO. "Combining our strengths is a better way to serve the community."
Lendistry's designation as a CDFI and their approval as an SBA lender afford investors security with federal and state guarantees on loans, while borrowers benefit from lower rates and longer terms. The traditional bank and the relative FinTech newcomer form a natural partnership, with their shared mission to provide the best products and services available to the business community.
Pacific Western Bank is a Los Angeles-based commercial bank with over $25 billion in assets. They provide commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses. For more information about PacWest Bancorp, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.