Minority Lender Selected by Small Business Administration as Exclusive Community Partner to Help Deploy $ 28.6 Billion Federal Restaurant Revitalization Fund0
LOS ANGELES, April 30, 2021 / PRNewswire / – As the largest minority-led capital deployer in COVID relief funding, Lendistry has been selected by the Small Business Administration (SBA) as the sole community partner to help administer $ 28.6 billion in funding for the Restaurant Revitalization Fund (RFF) established by the American Rescue Plan Act.
Lendistry, a black run and operated lender based in California, created an innovative model for targeting funds to underserved communities and historically disadvantaged businesses that has proven successful in COVID relief funding established in California and Pennsylvania. The model is a unique fintech hybrid that merges AI data with community lending solutions.
Building on Lendistry’s unique expertise, the SBA prioritizes the first phase of RRF funding to restaurants and small businesses owned by women, veterans, and the socially and economically disadvantaged. Restaurant applicants can apply through SBA-recognized point-of-sale (POS) providers, but small restaurants may not have existing relationships with these providers and will therefore be able to apply through Lendistry.
“One of the biggest challenges the government has faced when it comes to administering COVID assistance to small businesses is balancing the need to act quickly with the need to ensure that the money is in good hands, “said Everett K. Sands, founder and CEO of Lendistry. “The Biden administration is clearly focused on how to do this, and it will have a huge impact on businesses that need help immediately.”
Since the start of the pandemic, Lendistry has deployed nearly $ 1.5 billion in capital to underserved businesses hardest hit by this pandemic. The company was chosen by the State of California administer more $ 2.5 billion in the relief of COVID for small businesses. Since the start of the year, more than $ 500 million has been deployed in California with 55% of grants going to minority-owned businesses and 53% of grants going to women-owned businesses so far.
Additionally, Lendistry facilitated $ 300 million in financing through the Paycheck Protection Program, in partnership with financial institutions including Goldman Sachs, and has administered more than $ 192.5 million in Pennsylvania.
All in all, Lendistry is on track to fairly deploy more $ 4 billion in capital since the start of the COVID-19 pandemic.
Restaurant Revitalization Fund Details:
- RRF will provide funding to restaurants equal to their lost revenue from the pandemic up to a maximum of $ 10 million per company and no more than $ 5 million by physical location.
- Recipients are not required to repay funding if funds are used for eligible purposes on or before March 11, 2023.
- During the first 21 days of the program, the SBA will prioritize reviewing applications from small businesses owned by women, veterans, and the socially and economically disadvantaged.
- After the initial 21 day period, all eligible applicants are encouraged to submit applications.
For help with applications and more information on application deadlines, grant conditions and eligibility, please visit lendistry.com/restaurantrevitalisationfund.
Lendistère (lendistry.com) is a small business and technology-enabled minority-led commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry ranks second nationally in SBA Community Advantage Loans, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco, headquartered in an opportunity area of Los Angeles. In 2020, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states and was selected by the State of california to administer the California Small Business COVID-19 Relief Grant Program, which distributed grants to small businesses that lost significant income during the pandemic. Lendistry and its non-profit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and incremental growth to underserved small urban and rural businesses and their communities.