Lendistry announced today Royal Business Bank has reaffirmed its commitment to small business owners with an additional $1MM investment to Lendistry’s CRA Loan Fund I. Lendistry’s banking partners have invested $7MM in the public welfare fund aimed at strengthening local economies throughout Southern California.
“Royal Business Bank has come through again for Southern California business owners,” says Everett K. Sands, CEO of Lendistry. “This investment will help us provide needed capital to small businesses in underserved communities particularly to businesses owned by minorities. We’re grateful for Royal Business Bank’s continued partnership in helping our communities attain long-term growth.”
Royal Business Bank’s commitment to fund local businesses is aligned with Lendistry’s mission to open up access to capital in underserved communities. Larger banks who want to have a positive impact in their communities often find the smaller dollar amounts needed by small businesses to be cost-prohibitive. Lendistry’s CRA Funds provide a means for these banks to make that impact.
“Our partnership with Lendistry provides an innovative pathway for our company to meet the needs of the communities we serve,” said Simon Pang, Executive Vice President & Chief Strategy Officer at Royal Business Bank.
With a goal to be the community bank of choice for first-generation Asian-American immigrants, Royal Business Bank has provided small business loans and residential mortgages since 2008. Royal Business Bank has 14 locations throughout Southern California and one branch in Las Vegas.