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.
Community Banking Veteran Jeffrey Francis Joins Lendistry, Discusses Common Misconceptions of SBA Loans
Lendistry announced the addition of SBA loan specialist and banking veteran, Jeffrey Francis, to the team at the company’s Brea headquarters. As a Community Banking Relationship Manager, Mr. Francis will foster existing banking relationships, develop new partnerships, and grow awareness of Lendistry’s expanding line of small business loan products. Mr. Francis cites Lendistry’s forward-thinking, technology-enabled platform and its focus on providing capital to businesses in underserved communities as reasons why he was excited to join the team.
Mr. Francis brings with him several years’ experience in executive roles at Telesis Community Credit Union and Manufacturers Bank, and nearly 5 years’ experience as a Business Advisor at Santa Monica College, SBDC. For over a decade, Mr. Francis has worked to better educate borrowers on the lending process and the fundamentals of small business finance. Mr. Francis recently spoke of the common misconceptions of SBA loans he has encountered in his career.
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 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.”
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.