black owned fintech firm

Black Owned FinTech Firm To Disburse $2 Billion in COVID Relief Grants

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Back in November of 2020, Lendistry, a Black owned Fintech firm was selected to administer $500 million in grants to small businesses, nonprofits, and cultural institutions impacted by the pandemic across California.

After successfully disbursing the grants on behalf of the California Small Business COVID-19 Relief Grant Program, Lendistry has now been tasked with administering quadruple that amount, to the tune of $2.075 billion.

Lendistry will provide grants ranging from $5,000 to $25,000 for qualified small businesses and nonprofits, with $50 million allocated specifically for California nonprofit cultural institutions.

“The demand for funding has been immense, with small businesses and nonprofits reaching out for relief and support as they endure through this pandemic,” said Everett K. Sands, Lendistry’s founder and CEO. “During the initial funding rounds, we successfully connected small businesses and nonprofits with grants across all 58 counties in California, and we’re eager to use our platform to swiftly deploy this critical, additional funding so business owners can keep their lights on and serve their communities during this trying time.”

black owned fintech firm
Everett Sands, CEO of Lendistry

The latest round of funding was recently approved by the California legislature, and the relief program is being administered by California’s Office of the Small Business Advocate (CalOSBA), part of the Governor’s Office of Business and Economic Development (GO-Biz).

According to a recent press release, since the launch of the initial funding rounds more than 40,000 grantees have been selected to move forward, more than 350,000 grant applications have been successfully submitted, and 87% of selected applicants represent underserved and disadvantaged small businesses.

Demand for grant funding has far surpassed supply, and this latest financing for small business relief presents an additional and necessary opportunity for eligible applicants still seeking support.

The new funding will be distributed in four additional rounds, beyond the initial funding rounds Lendistry has already completed, in the following order:

New Funding Rounds:

Round 3 (waitlisted from Rounds 1 and 2): Friday, March 5th through Thursday, March 11th, 2021

    • Eligible applicants: This is a closed round and only available to eligible applicants who were waitlisted in Rounds 1 and 2 – only existing applicants will be selected. If you were waitlisted, you do not need to reapply. New applications will not be accepted in this round.
    • Eligible grant award: $5,000 to $25,000
    • Details: This is a closed funding round; no new applications will be accepted

Round 4 (nonprofit cultural institutions only): Tuesday, March 16th through Tuesday, March 23rd, 2021

      • Eligible applicants: Only nonprofit cultural institutions with any revenue size that meet eligibility criteria found at CAReliefGrant.com
      • Eligible grant award: $5,000 – $25,000
      • Details: Eligible nonprofit cultural institutions must complete a new application even if they already applied in Rounds 1 and 2; grants will only be available to nonprofits that did not receive funding in Rounds 1, 2 or 3; grants will be prioritized based on the documented percentage revenue declines based on a reporting period comparing Q2 and Q3 of 2020 versus Q2 and Q3 of 2019

Round 5: Thursday, March 25th through Wednesday, March 31st

    • Eligible applicants: current waitlisted small businesses and nonprofits not selected in Rounds 1, 2, or 3 and new applicants that meet eligibility criteria found at CAReliefGrant.com
    • Eligible grant award: $5,000 – $25,000
    • Details: Applicants not selected to receive a grant in Rounds 1, 2, & 3 do not need to reapply as they will be automatically moved into Round 5. New applicants will need to apply at CAReliefGrant.com

Round 6: Date to be announced soon

    • Eligible applicants: current waitlisted small businesses and/or nonprofits not selected in Rounds 1, 2, 3, 4 or 5 and new applicants that meet eligibility criteria found at CAReliefGrant.com
    • Eligible grant award: $5,000 – $25,000
    • Details: Applicants not selected to receive a grant in Rounds 1, 2, 3 & 5 do not need to re-apply and will be automatically moved into Round 6. New applicants will need to apply at CAReliefGrant.com

Lendistry is again providing application assistance through its statewide network of partners, consisting of fellow mission-based financial institutions, small business advisory and technical assistance providers, and State-supported small business centers to facilitate the application process in multiple languages and formats.

Grants will not be issued on a first-come, first-served basis and will be awarded after the close of each application round.

For funding rounds focused on small businesses and nonprofits (3, 5, & 6) the funding for California small businesses and nonprofits will again prioritize regions and industries impacted by the COVID-19 pandemic, disadvantaged communities, and underserved small business groups.

For application assistance and more information on application deadlines, grant requirements, and eligibility, please visit CAReliefGrant.com.

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