ANNAPOLIS, MD (May 15, 2023) — Governor Wes Moore today announced a $15 million commitment to minority-led small business lenders Land industry to provide relief to Maryland small businesses. The commitment is the latest investment through the State Small Business Credit Initiative, through which Maryland is deploying up to $198 million in federal emergency aid.
“As the first Community Development Fund institution to begin offering loans through Maryland’s State Small Business Credit Initiative program, Lendistry will unlock opportunities for small businesses to grow and expand in the state,” said Governor Moore. “Through this infusion of funds, the state can work with lenders to reach even more businesses that need investment to support their success.”
The initiative is administered by three government agencies through nine programmes. Through the Department of Housing and Community Development Neighborhood BusinessWorks loan to lender program, Lendistry will be able to lend up to $250,000 to small businesses owned and operated by socially and economically disadvantaged individuals; Very small businesses; or are in community development financial institutions’ investment areas.
“The Neighborhood BusinessWorks program is a great resource to stimulate investment in communities prime for revitalization,” said Maryland Department of Housing and Community Development Secretary Jake Day. “The funds allow us to go beyond the department’s regular lending capacity and serve even more businesses throughout the state.”
Maryland was the first state in the nation to submit its implementation plan for the state Small Business Credit Initiative to the U.S. Treasury Department, and was one of the first five states to be approved for the funding.
Lendistry is a minority-led small business lender and commercial real estate brokerage dedicated to providing financial opportunity and progressive growth for borrowers and their communities. In 2022, Lendistry became the nation’s only African-American-led Small Business Administration-designated Small Business Lending Company.
Since Lendistry was established in 2015, it has committed more than $8.9 billion in loans and grants to small businesses across the country and supported more than 595,000 small businesses. It has allocated more than 74% of funding to minority-owned businesses.
“Lendistry is committed to giving small businesses the best possible chance for fair and responsible financing they need to grow, and I am confident that this partnership will have a significant impact,” said Lendistry CEO, Everett K. Sand. “State Small Business Credit Initiative programs help offset common shortfalls experienced by underserved and undercapitalized business borrowers. Combining these programs with our accessible fintech platform will make a positive difference for Maryland communities poised to grow for a long time.”
State Small Business Credit Initiative program funds are also administered by the Maryland Department of Commerce and the Maryland Technology Development Corporation. To learn more, visit open.maryland.gov/ssbci.
To apply for a loan through Lendistry, go to https://dhcd.maryland.gov/Business/Pages/SSBCI/SSBCI-NBW.aspx#ParticipatingCDFIs.
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