Abraham Mimi, Ba’al Cafe, New York City
Lendistry’s Small Business Loan Fund has been inventively developed from our New Markets Tax Credit (NMTC) allocation to provide affordable financing to Qualified Active Low Income Community Businesses (QALICBs) — building on our mission to help generate economic opportunity in underserved communities. In partnership with Monge Capital, we give historically underserved small businesses access to lower-cost financing.
Learn more about New Markets Tax Credits here.
See what Lendistry’s done with their New Markets Tax Credit allocation here.
Eligible Purposes:
Inventory Purchase, Working Capital, Equipment Purchase, Property Improvements, Debt Refinancing, or Real Estate Activities
Financing Terms:
Loan size: $150,000 – $4 million • Loan term: Up to 5 years • Interest: Below-market rate
The Small Business Loan Fund serves a variety of sectors and asset classes, including but not limited to:
- Operating Businesses
- Community Facilities, such as:
- Healthcare
- Education and Youth Services
- Neighborhood Retailers and Multi-Service Communities
- Commercial Facilities with Community Goods & Services
- Commercial Real Estate
Eligible Communities
Targeted communities are in highly distressed areas and generally have one or more of the following characteristics:
- Poverty rates greater than 30%
- Median income less than 60% of area median income
- Unemployment rates at least 1.5 times the national average