Lendistry announced today it received approval from the U.S. Small Business Administration (SBA) to be a Community Advantage SBA lender. The Community Advantage program was designed to meet the credit, management, and technical assistance needs of small businesses in underserved markets, a mission aligned with Lendistry’s commitment to providing equal access to small business funding. Lendistry rolled out Community Advantage loans to California small business owners this month and hopes to be approved for additional states in the near future. Under the Community Advantage program small business owners can receive loans up to $250,000 with terms up to 10 years.
“We’re thrilled to be an SBA-approved lender for the Community Advantage program,” said Everett K. Sands, CEO at Lendistry. “We’ve been providing funding to small businesses for several years, but this programs helps us further our efforts to help small businesses in underserved communities. It’s a mission close to our hearts, and this program will help us reach more businesses.”
SBA’s Community Advantage program targets small businesses that might not qualify for traditional loan products mainly because of collateral shortfalls. As an online lender, Lendistry can work directly with small business owners to find creative solutions to fund their business goals, deliver capital quickly, and offer responsible rates and terms.
In 2016, SBA’s Los Angeles District Office approved 3,244 7(a) and 504 loans valued over $1.7 billion. Nationally, the agency approved 70,111 loans worth $28.9 billion. Lendistry looks forward to assisting business owners, particularly those in underserved communities, secure funding through the Community Advantage program to grow their businesses, create jobs, and strengthen communities.
As a Community Advantage lender, Lendistry will have access to SBA’s network of enhanced management and technical assistance to ensure small businesses have the support they need to succeed. Providing additional services to borrowers is already ingrained in Lendistry’s culture. Lendistry partners with The Center, a southern California nonprofit that provides complimentary business coaching, training, and workshops to Lendistry’s clients.
To see if your business is eligible, click here.