Lendistry CEO, Everett K. Sands, Selected for Opportunity Fellows Program
Lendistry’s CEO, Everett K. Sands, was selected for the 2018 Opportunity Fellows Program. The program, jointly organized by BBVA Compass and Opportunity Finance Network, is an initiative to boost the CDFI industry’s leadership ranks and spur greater access to capital in under-resourced communities. A graduate of the University of Pennsylvania, Mr. Sands spent 19 years in traditional banking before launching Lendistry.
“I’m honored to be named a fellow. This is a great opportunity for CDFI leaders to collaborate towards the development of better strategies and innovations to keep mission-based lenders competitive in the market,” Mr. Sands said.
Royal Business Bank Invests $500K in Lendistry Loan Fund, Providing Opportunity for Small Businesses in Underserved Communities
Royal Business Bank, a wholly-owned subsidiary of RBB Bancorp (Nasdaq: RBB), has made a $500K commitment to the Lendistry CRA Loan Fund I. Launched at a time when most banks were struggling, Royal Business Bank has been successfully serving the Asian-American community since 2008. While specializing in businesses engaging in trade with Pacific Rim countries, the bank also offers small business loans and residential mortgages.
“We’re thrilled to partner with Royal Business Bank. Their investment will help us provide affordable funding to more businesses in historically underserved communities,” says Everett K. Sands, CEO of Lendistry, a small business lender. “Lenders that serve the unique needs of business owners in niche markets play a vital role in the stability of local economies.”
Lendistry Receives $500K Commitment from Pacific Western Bank, Proving Banks are Partners, Not Competitors for the Small Business Lender
Small business lender, Lendistry, announced they have received a $500K commitment from Pacific Western Bank to the Lendistry CRA Loan Fund I. 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.
Lendistry Hires Kaleb Kim as Community Banking Relationship Manager
Lendistry is pleased to announce that Kaleb Kim has joined the team as Community Banking Relationship Manager. Mr. Kim comes to Lendistry from Orange County Small Business Development Center (OCSBDC) where he specialized in loans and lines of credit for existing small businesses and start-ups. Mr. Kim’s career experience includes serving as a Small Business Banker and Relationship Manager at community and national banks, and consulting for a wholesale manufacturer start-up in Orange County where he helped strengthen the company’s financial infrastructure.
Mr. Kim was initially drawn to Lendistry’s unique position in the Fintech lending space as one of the only few lenders with both CDFI and SBA designations, but it was the shared business mission that cinched the move. “My philosophy aligns well with their mission and passion to provide education and funding to the small business community, as they don’t just build businesses, they strengthen communities,” Mr. Kim said. Lendisty is committed to providing affordable access to small business term and SBA loans to all businesses, particularly in underserved communities.
Lendistry Receives $3MM Commitment from Community Bank, A Partnership Aimed at Investing in Southern California’s Small Businesses
In the 1920s, Los Angeles was a prosperous city. The population was growing thanks to the burgeoning Hollywood film industry, but with little else to service local residents, opportunity was ripe. It’s no wonder Charlie and Howard Cook chose this area to make their mark on the world. Astute entrepreneurs, they relocated to capitalize on the booming city’s growth. The brothers opened a Ford dealership and later a manufacturing company that made concrete mixers, which the company eventually financed directly for their customers. When most banks stopped financing construction equipment, the brothers needed to find a solution. Frustrated, but undeterred, Charlie decided to open his own bank, which became Community Bank.
On July 24, 2017, family-owned Community Bank kicked off their partnership with Lendistry, a technology-enabled small business lender and Community Development Financial Institution (CDFI), with a $3MM commitment to the Lendistry CRA Loan Fund I. The Lendistry CRA Loan Fund will invest in commercial small business (C&I) and commercial real estate (CRE) loans, providing opportunities for small business owners in Southern California. Almost a century after the Cook brothers first arrived in California, their legacy continues to embody The Land of Opportunity ethos.
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.”
Coast to Coast, Lendistry CEO, Everett K. Sands, Addresses Access to Capital from One Business Owner to Another
From Baltimore to Anaheim, Everett K. Sands, CEO of online small business lender, Lendistry, finds common ground at Access to Capital small business workshops hosted by nonprofit business coaching organization, The Center. As a former Wells Fargo VP and current CEO of a small business, Mr. Sands is uniquely positioned to understand the requirements of lenders, the needs of borrowers, and the gap that can exist between the two. While his past experience in consumer lending brings unique insight into the workings of the banking industry, Mr. Sands’ present day responsibilities as a small business owner most connect him to the workshops’ audiences.
“Running a business can be stressful, particularly when your livelihood and the livelihood of your employees depend on the business being a success,” Mr. Sands said at a recent event in Anaheim. “These workshops allow me to share what I know both as a banking industry veteran and a fellow small business owner. By educating other owners on how funding works, and how to understand their business’s financials, I hope to alleviate some of that stress.”
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.
The southern California online small business lender is able to leverage state and federal loan guarantee programs with its CDFI and SBA designations. The Community Development Financial Institution (CDFI) designation is awarded to qualifying lenders by the U.S. Department of Treasury with the intent of increasing the access small businesses have to funding particularly those in historically underserved communities, a mission aligned with Lendistry’s culture. The CDFI designation allows Lendistry to leverage loan guarantees offered by the State of California, providing lower rates to business owners and safer investments for partnering banks.