HARRISBURG, Pa., June 30, 2020 (GLOBE NEWSWIRE) – Lendistry, the leading Fintech Community Development Financial Institution (CDFI), today announced its selection as Administrator and Technology Partner for the Pennsylvania Small Business Grant Program for $ 225 million by the winners of the DCED Department of the Commonwealth of Pennsylvania, the Pennsylvania CDFI Network.
The program begins accepting applications today at 9:00 am EDT and provides up to $ 50,000 per grant with no repayment required. The program is aimed at small businesses with 25 or fewer employees and annual sales of $ 1 million and under. Further admission criteria and application information can be found at https://pabusinessgrants.com/.
The Pennsylvania CDFI Network consists of 17 CDFIs serving all 67 counties in the state. Governor Tom Wolf announced the state’s small business aid grant program earlier this month, funded by a portion of $ 2.6 billion from US CARES Act incentive funds made available to Pennsylvania. Each state received at least $ 1.25 billion in CARES Act funds, with significant discretion in how the money was used.
Lendistry’s partnerships with 50+ financial institutions ensure operational efficiencies and make it easier for both very small and very large institutions to be part of the solution for underserved small businesses across the country.
This is the second major role Lendistry, focused on providing capital to underserved small businesses, especially those owned by minority, women, and veterans, was chosen to help in the small business recovery effort in Pennsylvania to play. In April, the Mayor of Philadelphia, Jim Kenney, announced a loan approval in the amount of 10 million 10,000 small businesses Initiative and with loans provided through Lendistry as part of the Paycheck Protection Program (PPP).
Everett K. Sands, Founder and CEO of Lendistry, commented, “The selection of Lendistry represents yet another application of our scalable technology platform, experience in helping small businesses during the coronavirus pandemic, and expertise in serving minority, women’s businesses. and veteran possession. We are proud to work with the DCED and the Pennsylvania CDFI Network to deliver critical equity to hardest hit small businesses across the state without the need for a repayment or a complicated allocation process. “
A key component of the Pennsylvania Small Business Grant Program is the Historically Disadvantaged Business Revitalization Program, which provides $ 100 million to small businesses that are 51 percent or more owned and controlled daily by disadvantaged people.
Lendistry ranks second nationwide on SBA Community Advantage lending, and in the past three months Lendistry has processed and approved approximately twice as many PPP loans as the total loan volume in the previous four and a half years.
Lendistry is a minority-led CDFI and CDE fintech lender for small business and commercial real estate. Lendistry is headquartered in Los Angeles and is a member of the Federal Home Loan Bank of San Francisco.