City National Bank Makes $5 Million Impact Investment With Lendistry to Support Undercapitalized Small Businesses in California

LOS ANGELES, September 26, 2024 (Newswire.com) - Lendistry announces today that it has received a $5 million investment from City National Bank. This capital will help the fintech provide individual loans under $100,000 for the fast-growing community of small businesses in California, including minority- and women-owned businesses located in low-income neighborhoods. 

“We’re proud to work with financial institutions like City National Bank who share our mission,” says Everett K. Sands, CEO of Lendistry. “The entrepreneurs and small businesses we serve need loans in lower amounts to achieve their goals and reach the next level, but these loans are difficult for traditional banks to provide because of operational and regulatory barriers. As a fintech and CDFI with deep roots in California, we’re able to work with City National to fill that gap.”

“At City National Bank, we recognize the critical role small businesses play – they are the backbone of our local economies,” says David Cameron, Head of Consumer Banking at City National Bank. “We are pleased to be able to help fuel their growth, particularly for business owners in under-resourced communities.” 

While these loans are not exclusively available to minority-owned or low- to moderate-income borrowers, Lendistry is a minority-led fintech, Community Development Financial Institution (CDFI) and approved lender in the California Capital Access Program (CalCAP) and is well-positioned to make these funds accessible to communities most in need.

About Lendistry 

B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products for small businesses and administers grant programs for government agencies nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic barriers to capital access and has deployed over $10 billion since its inception. In 2024, Lendistry CEO Everett K. Sands was an Entrepreneur Of The Year® Greater Los Angeles award winner. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry provides economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities. 

Source: Lendistry