Lendistry Empowers Maryland Small Businesses With Faster Loan Processing

Lendistry, a minority-led fintech company, has recently enhanced its smart scoring technology to expedite and democratize the process of securing small business loans, particularly for underserved communities. This update is pivotal for applicants seeking state-sponsored loans, with the Maryland Department of Housing and Community Development's Neighborhood BusinessWorks Loan to Lender program playing a crucial role. Governor Moore has allocated $15 million to Lendistry in 2023 to support this initiative, which aims to offer more affordable financing options than those typically available through traditional loans, including reduced fees, lower interest rates, and no penalties for early repayment.

The program initially set a loan cap at $350,000 but has since increased the maximum to $500,000. A significant advancement is the introduction of scored automations by Lendistry, enabling eligible borrowers applying for loans under $150,000 to receive funding within just two business days. Everett K. Sands, CEO of Lendistry, emphasized the transformative potential of applying such technology to state-funded small business programs. He highlighted the importance of quick and convenient access to capital for businesses that are often deemed too risky by traditional lenders.

Jake Day, Secretary of the Maryland Department of Housing and Community Development, also commented on the initiative's significance. He pointed out that making loans more accessible and reducing barriers are crucial steps towards supporting Maryland's small business owners and stimulating economic growth across the state. This approach is expected to open up new opportunities for a broader range of entrepreneurs, especially those from historically underserved groups.

Lendistry stands out as a pioneering fintech firm committed to bridging systemic financial gaps through innovative lending products and access to grant programs nationwide. Operating from a Los Angeles Opportunity Zone, Lendistry leverages technology and community partnerships to provide equitable access to capital and responsible financing options. The company's efforts have earned it recognition and certifications as a Community Development Financial Institution (CDFI) and Community Development Entity (CDE), alongside membership in the Federal Home Loan Bank of San Francisco. As an SBA Preferred Lender and the only African American-led SBA designated Small Business Lending Company in the nation, Lendistry's expertise is frequently sought after by both governmental and private entities.

In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry is dedicated to fostering economic opportunities and growth for underserved urban and rural small business borrowers and their communities. This commitment underscores the company's role as a key player in addressing financial inclusivity challenges and supporting small businesses across the United States.