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How to Buy a Commercial Real Estate Property for Your Retail Business

The location of your retail business has a huge impact on its performance. Factors like availability of access routes, the appearance of the area, visibility, and zoning regulations are vital aspects to consider when buying commercial property for your retail business.

Regardless of whether you are setting up a new retail venture or an additional branch for your existing venture, choosing the right physical setting for it is essential.

Though the process is complex, commercial properties have a more straightforward approach to pricing compared to residential properties.

However, there are also some crucial risks involved. Here are some things you need to know before investing in a commercial property for your retail business.

How to Begin the Journey of Purchasing Your Commercial Real Estate:

Consider the Nature of Your Retail Business

The type and nature of your retail business is probably the first thing to consider when looking for commercial property. For instance, if you plan to open a coffee shop, gaming studio or book store for youngsters, then a building located near a school or university would be ideal. This will help you capture the attention of your target audience and boost your visibility.

Determine Your Spending Capacity:

Have a good estimate of the amount of money you can invest in your property. Take everything into consideration including the initial down payment, closing costs, and renovation costs. Renovations may be necessary to attract customers to your retail business. A badly designed retail space can also negatively impact the productivity levels of your employees. However, if you have to deal with exponential renovation costs, then it may not make sense to buy the specific property.

Financing Your Commercial Real Estate Purchase

This is a no-brainer. No real estate transaction can be carried out without capital. But it doesn’t have to be from your own pocket. Financing your property is not as complicated as many beginners make it out to be. So, start searching and try to secure financing even before you start searching for your retail property.

The financing option you’re able to secure will depend on your personal and business credit scores, the type of property you’re buying and the type of loan that’s best for you. Retail business owners can choose from several financing options including private money lenders, hard money lenders, traditional commercial real estate loans and seller financing to name a few.

Perform Due Diligence

Once you have selected a commercial property, start doing your homework. Inspect the property thoroughly and look out for discrepancies. Review any lease agreements, title documentation and surveys related to the property. Also, check if the layout and structure of the building are good for your retail business.

Remember, no matter how much information you gather pre-purchase, it’s never too much! Therefore, it is always advisable to hire professionals for this since you may miss out on important details. Moreover, most lenders prefer valid inspection documents that have been prepared by reliable sources.

Find the Right Experts to Partner With

Buying commercial real estate involves lots of complicated rules. Thus, you need to have the right team of experts to help you process the deal smoothly. These professionals can help you secure financing and warn you about potential problems from the beginning.

Here are some professionals you will surely need to collaborate with to purchase commercial real estate properties:

  • Commercial Realtor
  • Accountant
  • Commercial real estate attorney
  • Commercial real estate broker
  • Tax attorney

In fact, it’s better to have your team ready before you start searching for potential properties. This process of hiring professionals may not be cheap, but it could save you from costly mistakes and unnecessary harassment in the long run.

Start Searching the Real Estate Market

Once the budget, desired property type and other necessary requirements are confirmed, it is time to search for available commercial properties. Look specifically for properties that will match your commercial requirements. Searching online is a good option, and it’s recommended you seek help from an agent who can shortlist commercial properties based on your requirements.

Alternatively, you could also opt for help from experienced professionals of REIT – Real Estate Investment Trust.

Check Terms, Make an Offer and Close the Deal

Once you find the perfect property and make an offer, make sure the deed contains an inspection contingency clause. An inspection contingency clause will allow you to opt out if the commercial property doesn’t pass the inspection.

A professional commercial real estate agent will help you write up the purchase offer. However, it’s always best to get it reviewed thoroughly by your attorney before you sign and submit it. Make sure that the offer includes a due diligence period so that all documents can be reviewed properly.

There’s a lot that goes into a commercial real estate transaction, so make sure you take your time and follow all procedures step-by-step. As mentioned earlier, it is crucial to work with a reliable team of experts in advance. These professionals can guide you through the many complex steps involved in this process.

Apart from investing in commercial property for your own retail business, you can also be prepared for other investment strategies if the need ever arises and prepare documents accordingly. These strategies can also give you good returns and profits.

All real estate investments, whether commercial or residential, come with risks. Thus, it’s vital to ensure you cover all the bases when you enter a commercial real estate transaction. The whole idea may be overwhelming to a non-expert. This is where expert help can be useful.

Lendistry can help you through the process and help make sure you’re not wasting valuable time and hard-earned money.

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When Should You Consider Refinancing Business Debt?

When you run a bustling small business, even minor expenses and debts can add up fast. Whether you took out a loan to get started or found yourself in debt because of some unexpected hurdles, there’s a good chance that refinancing your business debt might be the best answer.

To build a strong financial foundation, you want to ensure that you’re taking the necessary steps to protect your cash flow and grow your business. Refinancing can help you with this—keep reading to find out how.

What You Need to Know About Refinancing Business Debt

When Is Refinancing a Good Option?

Before answering this question, let’s examine what refinancing is.

Refinancing is when a business takes out another loan with the intention of paying off its existing debt with the new loan. This reduces the monthly payments on the loan by extending the term of the loan or lowering monthly payments altogether.

Refinancing allows you to get a lower interest rate, pay off your loan sooner, or take advantage of other attractive features of the new small business loan. This makes it a great way for businesses to expand their operations and leverage new opportunities without having to take on more debt or spend more money long term on interest payments. But when should you consider refinancing?

Financial Difficulties

Most companies usually decide to refinance or restructure their debt when they’re in a financially distressing situation and cannot make their monthly payments on time. In this instance, a chance to lower the interest rate or extend their loan term might help them make their payments on time without going under.

Favorable Market Conditions

However, financial decisions are not the only reason businesses refinance their loans. Businesses might also choose to restructure their debt because of improved credit ratings or decreasing interest rates. Taking advantage of favorable market conditions allows them to free up cash for other business operations and investment opportunities.

Why You Should Refinance

Have you ever wondered if it is a good idea to refinance some of your business debt? Maybe you have heard that you should refinance your business debt but don’t know why or are confused about if it really is the best option for you. It’s easy to get mixed messages about business debt, and this makes it hard to know what to do. Keep reading to find out when it makes the most sense to refinance your business debt.

To Escape Higher Interest Rates

Refinancing is a great way to escape higher interest rates and save money on your mortgage. By refinancing, you can lock in a lower interest rate and monthly payment, which can help you free up some extra cash each month for more business growth and innovation.

Many businesses in their early stages take on high-cost debt with astronomical interest rates, or predatory loans. Without refinancing, predatory loans cause you to be paying off your loans for longer than planned, which can redirect funds from important business ventures. Refinancing offers you an out, lowering your interest rates, allowing you to pay off the loan faster, and resulting in more savings.

To Elevate Your Credit Score

Refinancing can help you improve your business credit score in a number of ways. First, it can help elevate your credit utilization ratio, which is the amount of credit you’re using compared to the amount of credit you have available. If you’re using a lot of your available credit, it can hurt your credit score. Refinancing can help by giving you more available credit and bringing your utilization ratio down.

In addition, it can help improve your payment history. If you have a history of late or missed payments, it can drag your score down. Refinancing can give you a chance to make all of your payments on time and fix your payment history.

Finally, refinancing can help you get rid of high-interest debt. If you have debt with a high-interest rate, it can cost you a lot of money in the long run. Refinancing can potentially get rid of that debt and help save money on interest.

The Revenue Generation Has Slowed Down

When a business is not generating as much revenue as it once was, refinancing can be a helpful option since it helps lower the monthly payments. This can be useful when revenue has decreased as it provides businesses with access to the extra funds they need to keep operating.

Change in Payment Frequency

By refinancing, you can change the payment frequency to one that better suits your needs. It can help you pay off your debt faster or slower, providing you with some much-needed breathing room by giving you a lower monthly payment. This can help you better manage your finances and make your payments more affordable.

Switch to More Favorable Payment Terms

Since refinancing involves taking out a new loan to pay off an existing one, you can fix your own payment dates or months based on your convenience. This will help you pay the debt at an improved rate as per your preference and business needs.

Who Should Consider Refinancing Their Business Loans?

Any business that is struggling financially can benefit from refinancing. However, you will generally have better results from refinancing if your main problem is a low credit score. If you’re struggling due to other factors such as high interest rates or lack of funds, refinancing might not really solve the problem, depending on the situation.

If you own a small business, you may have more than one type of business debt. A good credit score and cash flow is something everyone strives for while running a business, but sometimes debt can build up, and you might feel like you have nowhere else to turn. In these instances, you can lower your interest rates and gain more flexible terms if you opt to refinance.

Refinancing can help lower the financial burden on your business in some cases. Lendistry strives to be a source of financial education for small business owners and offers a wide range of financial programs to help businesses grow and serve their communities.

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How to Grow Your Food Services Business Using Small Business Loans

Is your food truck, restaurant, catering company, or grocery store doing well this season? Are you thinking of expanding your business?

In this scenario, small business loans might help you buy equipment, hire personnel, expand your business, or pay your bills during a sluggish period. Read on to know about expanding your foodservice business using small business loans.

Listed here are some of the ways in which you should utilize your small business loans to help your food services business develop.

Purchase Inventory

Small business loans allow you to purchase supplies as needed, so you won’t have to worry about running out of inventory. This way, you’ll also have better control over your operations and can fulfill your customer’s needs smoothly.

Hire Employees

If you’re taking a loan to expand your business, you’ll need to ensure you have a staff that can handle the increased workload. Hiring competent employees with prior catering expertise will enable you to serve more customers and deliver the most satisfactory service possible. Furthermore, you might use the loan to train your personnel in areas like customer service, event planning, and food and beverage management.

Prioritize Technology

Although you have a talented team, it’s worth thinking about how technology may make your processes more efficient and easy. You can use your loan to pay for automated technology, like inventory management, cloud computing, and scheduling software.

These technologies will enable you or your team of talented professionals to manage fewer administrative activities, allowing you to focus on more important commitments. Additionally, tech solutions like delivery and tracking apps played a pivotal role in helping businesses offer takeout and curbside pickup options to customers.

Invest in a Marketing Strategy

Even if you have the means to cater more events, your food business will not develop unless you attract new customers. To accomplish so, you’ll have to invest in marketing tactics that will assist you in locating and promoting your ideal customers. You can get a loan to pay for marketing materials or outsource projects to a professional agency.

Purchase or Lease a Vehicle

Before buying a van, consider whether you need numerous vans, built-in storage for food trays, or refrigeration for traveling with prepared food.

Purchasing a new vehicle with a business loan is a wise investment for your catering company. Having a dependable vehicle with the capacity and features you require means you’ll be less likely to be late for events and to arrive with food in perfect condition.

Expand into a Commercial Space

A commercial kitchen will allow you to prepare for more significant events, purchase larger culinary equipment, and store more supplies.

Furthermore, having a physical address for your company can help potential customers see you as a legitimate business. This makes them more likely to hire your services.

 

Lendistry’s diverse financial solutions provide small food services businesses with the affordable capital they require to expand and serve their communities. If you’d like to learn more, call them at 888-594-7270 or contact them online!

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5 Ways to Expand Your Business

When it comes to running a business, one of your main goals is to maximize your profits. One way to do that is to expand your business. However, funds are needed to take your business to the next level of growth.

That’s where an acquisition loan comes into play. With an acquisition loan, several business owners have been able to expand their companies. But aside from that, there are many other ways you can further develop and grow your business.

We’ve put together a list of five ways you can grow your business.

1.  Research the Competition

Whatever your business may be, the marketplace tends to be a highly competitive space with multiple vendors selling similar products or services. One way to stay ahead of the competition is to do thorough research on what other businesses have to offer and the strategies they implement and embrace new concepts that could work for your business.

2.  Implement a Loyalty Program

Implementing loyalty programs can help increase sales and help you upscale your business. Research shows that acquiring new customers tends to be more expensive than selling to an existing customer.

However, with a customer loyalty program, businesses can retain existing customers while also attracting new leads who can contribute to your business’s growth. A customer loyalty program can be designed, developed, and implemented to work with both existing and new customers.

3.  Identify Opportunities That Complement the Business

Another way to expand your company is to start diversifying your offers and selling products that compliment your existing business.

Essentially, by tackling your consumer base’s pain points and identifying the possibilities, you can take advantage of the opportunities within your niche and further grow your business.

4.  Consider Entering a Franchise Model

If your business is booming and aims to expand, entering into a franchise model can help. It can make a difference for business owners looking for rapid growth and expansion.

5.  Take over Another Business with an Acquisition Loan

Another way to expand your business is to acquire another company that complements your business with an acquisition loan. This type of loan also allows you to purchase assets.

Acquisition loans are typically given out to business owners looking to expand but don’t have the capital. However, before sanctioning the loan, the lender tends to take into account several factors, including the business owner’s capability to successfully run their expanded business and pay back the loan.

There are different types of acquisition loans, and in order to be eligible for one, your business should be operational for a specific time period.

 

If you’re considering expanding your business and are looking to acquire an acquisition loan, get in touch with Lendistry. They offer a wide range of comprehensive and affordable financial services.

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What Is a Community Development Financial Institution (CDFI)?

A Community Development Financial Institutions (CDFI) is a  private-sector financial organization in the United States that focuses mainly on personal lending and business development efforts in underprivileged local communities in need of revitalization.

By submitting an application to the US Department of the Treasury, CDFIs can receive federal funding. They can also obtain funds from individuals, corporate entities, and religious institutions in the private sector.

CDFIs are classified into four types:

Community Development Banks

By providing targeted loans and investments, community development banks help rebuild economically distressed communities. They are for-profit corporations whose boards have the representation of local communities.

Community Development Credit Unions

Community development credit unions encourage asset and savings ownership while also providing low-income people with affordable credit and retail financial services, often with a focus on minority communities. They are non-profit financial cooperatives that are owned and operated by their members.

Community Development Loan Funds

Community development loan funds (CDLFs) offer financing and development services to low-income businesses, organizations, and individuals. Loan funds are classified into four categories: microenterprise, small business, housing, and community service organizations.

Each loan fund is defined by the type of client it serves, although many institutions serve more than one type of client. CDLFs are typically non-profit organizations governed by boards of directors with community representation.

Community Development Venture Capital Funds

Community development venture capital funds offer equity and debt-with-equity features to small and medium-sized businesses in underserved communities. They can be for-profit or non-profit, and they must include community representation.

How Do Community Development Financial Institutions Work?

Community Development Financial Institutions (CDFIs) serve low-income and underserved urban and rural communities, as many of these citizens are underprivileged or have lacked access to responsible lending. Through community redevelopment, the goal is to assist this group of people in becoming more financially self-sufficient and contributing more to overall economic growth.

In the United States, there are currently over 1,100 chartered CDFIs, each with a focus on using innovative (and often less stringent) lending practices, educational efforts, and small business lending. The CDFI envisions an America where all people and communities have access to the investment capital and financial services they require to thrive.

CDFIs are typically controlled locally, with no interference from the central government.

The CDFI Fund for Community Development

The CDFI Fund is a federal program that promotes access to funds and local economic growth through its Community Development Financial Institutions Program, which provides underserved individuals and communities with loans, investments, financial services, and technical assistance.

The fund also provides tax credits to Community Development Entities, allowing them to attract private-sector investment and reinvest in low-income communities.

 

Lendistry is the only nationwide fintech CDFI, and they provide economic opportunities and progressive growth for small business owners and their underserved communities as a source of financing and financial education. If you have any questions or are interested in small business financing, please contact their team.

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SBA 7(a) and 504 Loans: Which Is Right For You?

As a small business owner, you wear many hats—including managing employees, operations and more. But what happens when you’re ready to grow and you need capital to get there?

This is what a small business loan is for.

The United States government has a few options available for small-to-medium business owners, and two of the most accessible options are the Small Business Administration (SBA) 7(a) and the SBA 504.

While the two have similarities, they have a few key differences, and depending on your goals, they can help you in different ways.

Continue reading about these loans so you can choose the best option for your business.

What is the 7(a) Loan Program?

If investing in real estate is part of your growth strategy, the 7(a) Loan program is likely your best bet. It can also be used for:

  • Long-term and Short-term working capital
  • Refinancing current commercial debt
  • Investing in furniture, fixtures, and supplies

The SBA is not a lender. A third party partly guarantees SBA business loans, such as a financial institution or private SBA lending institution. This lowers a lender’s risk of providing financing to entrepreneurs and incentivizes lenders to approve candidates who would otherwise be denied. A bank or another type of direct lender will underwrite and approve your SBA 7(a) loan. They will also require a 10% to 20% down payment.

SBA 7(a) loans have a peak maturity period of 25 years for real estate and ten years for equipment and working capital loans, with loan terms ranging from $5,000 to $5 million depending on needs. The turnaround time for the application process is quite speedy.

Various sub-programs, such as Community Advantage Loans for women, minorities, and others, may be available for your business.

What is the SBA 504 Loan?

Under the Certified Development Companies (CDC)/504 program, loans provide long-term, fixed-rate financing of up to $5 million for business assets that promote job creation and growth.

CDCs are accredited and regulated by the SBA. As community-based partners, they regulate nonprofits and are involved in economic development.

Your business must meet the following requirements to qualify for a 504 loan:

  • Operate a for-profit business in the United States or its possessions
  • Have an actual net worth of less than $15 million
  • After federal income taxes for the two years preceding your application, have an average net income of less than $5 million
  • Additionally, an applicant must fall within SBA size guidelines, possess qualified management experience, have a workable business plan, and be able to repay the loan.

Speculative, passive, or nonprofit businesses are ineligible for loans. If you need more information on eligibility criteria or application requirements, don’t hesitate to contact a Certified Development Company in your area.

If you are considering a small business loan, several options are available to you. A 7(a) loan is an excellent option for businesses seeking working capital and fits various needs. The SBA 504 loan is designed more for real estate investments and other fixed assets. For small business owners searching for affordable financing, both 504 and 7(a) loans are excellent options.

 

Lendistry is a Black owned fintech firm that offers SBA 504 loans and has a customizable online portal that enables small and medium business owners to obtain capital more efficiently and quickly. Lendistry also offers SBA 7(a) loans through its wholly-owned subsidiary, Lendistry SBLC. To learn more, reach out to them anytime.

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Buying a Business VS Starting a Business: Which is Right for You?

Buying an existing business might be a good fit for you if you are concerned about starting your own business from scratch and the costs associated with a new business. When you buy an existing business, it involves taking over an operation that is already profitable and generating cash flow.

These businesses typically have a strong customer base and reputation, as well as employees who are familiar with all aspects of the business. Moreover, there is no need to set up new procedures, systems, and policies, since a proven formula for running the business already exists.

Though it can be more expensive to purchase an existing business than to start from scratch, it’s actually easier to procure financing for an existing business than for a new one. It is generally easier for banks and investors to deal with a business that has already proven its track record. You can also obtain valuable legal rights such as patents or copyrights if you purchase a business.

Buying a Franchise

Many feel that buying a business is less risky than starting your own, especially if you can find a well-managed, profitable one—and negotiate a good price. An existing business provides immediate cash flow, and the difficult start-up work has already been done.

You’ll have a customer base and suppliers. The business’s financial history shows what to expect—and often makes it easier to get loans or attract investors.

However, you will need to invest a large amount upfront, especially if the business hasn’t been profitable lately.

Franchising allows a business owner to open their own branch or branches of an existing brand. A franchise license entitles the holder to market particular products or services under a brand or trademark according to prearranged terms or conditions. In exchange for fees and royalties paid to the parent company, the franchisee can use the business format and systems of the franchisor.

The main advantages are a proven market for the product or service, and tested and specific operations management policies. The main disadvantages stem from the power that the franchisor has over the franchisees.

Purchasing an existing business makes it much easier to plan and raise capital, because of the historical records.

Franchising is becoming an increasingly popular method of establishing and operating a small business. Many entrepreneurs find the opportunity to operate their own business with slightly less risk an attractive option, but operating a franchise is more restrictive than the other two forms of ownership.

Starting Your Own Business

There are plenty of advantages to starting your own business. You are the boss! You can set your own schedule, conduct your business your own way, and do things in your own time. If you buy a franchise, you still have a “parent company” overlooking you and your business. Starting your own business means it’s all about you!

This also means you can bring something new and unique to the market. You don’t have to sell what others want you to sell, it’s all up to you! Plus, depending on your business, you will be paying much less than buying a franchise.

However, when starting a new business, it may take a while for you to become profitable. This may take months or even years before you start seeing a positive change in numbers. You’ll have to keep your head on straight if you start your own business.

Lendistry is a Black owned fintech firm that provides economic opportunities and progressive growth for small business owners and their underserved communities as a source of financing and financial education. Contact them today if you would like to learn more!

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

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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Black Owned FinTech Firm Selected To Disburse $500M in Relief Grants

Lendistry is a Black owned Fintech (Financial technology) firm that provides short-term loans and other types of financing to small businesses. Small businesses can use Lendistry to finance new projects, purchase new equipment, and more.

Lendistry is also designated both a Community Development Financial Institution (CDFI) and a Community Development Entity (CDE) small business and commercial real estate lender.

On November 30, 2020, the State of California announced that it has selected Lendistry to act as the intermediary charged with disbursing $500 million in COVID-19 grants to California small businesses and non-profits.

The Small Business COVID-19 Relief Grant Program is administered by California’s Office of the Small Business Advocate (CalOSBA), part of the Governor’s Office of Business and Economic Development (GO-Biz).

black owned fintech
Everett Sands, Founder and CEO of Lendistry

“As an organization dedicated to efficiently providing capital to underserved small businesses, and with a deeply experienced senior management team that mirrors the diversity of our home state of California, Lendistry is proud to partner with the CalOSBA in this bold and critical effort,” said Everett K. Sands, Lendistry’s founder, and CEO.

 

Tony O. Lawson


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