Partners, Not Competitors
We’re not competing with banks, we’re working with them to offer small business owners affordable loans. Banks do want to invest in their communities and we help them do that. Our designations allow us to offer guaranteed loans, which provide partnering banks with investment security in a market largely cost prohibitive for them to enter.Everett K. Sands
After Surpassing Expectations, Community Bank Invests an Additional $2MM in Lendistry’s CRA Loan Fund
While reviewing application activity and the underwriting queue on Monday morning, the week of Thanksgiving, Lendistry’s Chief Credit Officer, Lynn Fernandez, realized the company was on pace to surpass their lending goals for 2017, and 2018 was going to start off with a boom. Seeing this trend, Ms. Fernandez recognized Lendistry would need to reach out to their partners to help fund the growing number of loans in the coming months.
Lendistry received SBA approval in May 2017 and closed their first SBA loan on August 31. Since then, the online small business lender has closed SBA loans in increasing numbers month after month. But, was Lendistry’s mission to provide financial opportunities to business owners in underserved communities going too well? When Ms. Fernandez shared her discovery with Lendistry’s CEO, Everett K. Sands, he knew exactly whom to call.
Lendistry’s Guaranteed Loans Help California Businesses Create New Jobs, Retain Existing Positions
Lendistry closed several state guaranteed loans this past May, marking another milestone in the company’s expansion of loan products offered to small business owners. Funding provided to California small businesses last month created an estimated 42 jobs and retained over 75 current employees.
Approved to offer SBA loan products under
SBA’s Community Advantage program.