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.
In July, family-owned Community Bank invested $3MM in Lendistry’s CRA Loan Fund I, helping to fund over a dozen SBA loans. Community Bank literally and figuratively answered Mr. Sands call to invest more capital in Southern California’s small businesses. In December, Community Bank invested another $2MM in time to close several small business loans before Christmas and more at the start of 2018.
“Community Bank is honored to support Lendistry’s efforts to assist business owners in underserved communities. Lendistry needing an additional investment to fund loans is a testament to their commitment to helping business owners get access to the capital they need,” said Community Bank CEO David Misch.
Banking partnerships have been an integral part of Lendistry’s business model. Partners like Community Bank help Lendistry fund SBA loans for small business owners who, for reasons like shortfalls in collateral, don’t qualify for traditional bank loans. Lendistry’s CRA Loan Fund I provides banking partners with a lower risk investment due to the Company’s disciplined credit culture mixed with its ability to leverage federal and state guarantees and also helps banks achieve CRA and Community Development Lending goals.
“It’s a win-win for our banking partners and our communities,” says Everett K. Sands.
About Community Bank
Community Bank is an independent and family-owned regional bank with assets of $3.7 billion and 17 locations throughout Southern California. Founded in 1945, Community Bank utilizes its experience, suite of financial services and unique Partnership Banking® approach to help its clients grow and succeed. For more information on Community Bank, log on to www.cbank.com. Member FDIC.