KeyBank Provides $20 Million Line of Credit for the Advancement of Small Business With Lendistry

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Positive)

Tags

06/02/2023 - 09:15 AM

CLEVELAND, OH / ACCESSWIRE / June 2, 2023 / Lendistry Core SPV I, LLC a newly formed Special Purpose Entity (SPE) established by B.S.D. Capital, Inc. dba Lendistry (Lendistry) to purchase eligible loans originated and sold by Lendistry, has obtained $20 million line of credit (LOC) from KeyBank Community Development Financial Institutions (CDFI) Group.

Lendistry offers small business owners who do not meet traditional lending standards with respect to credit, cash flow, or collateral requirements, a chance to access responsible, affordable capital. The company is headquartered in an Opportunity Zone in downtown Los Angeles.

As a certified Community Development Financial Institution, Lendistry provides credit and other financial services to small businesses throughout the U.S. To minimize risk and help overcome common shortfalls that cause underserved business owners to struggle to access traditional financing, the company participates in several loan guarantee programs and credit enhancements, including State Small Business Credit Initiative (SSBCI) programs.

Everett K. Sands, CEO and founder of Lendistry, has leveraged his more than 20 years of experience in banking to change the game for traditionally underserved small business owners who need access to responsible capital to reach the next level.

"We're grateful for KeyBank's support as we work to eradicate the word ‘underserved,'" says Everett K. Sands, CEO of Lendistry. "KeyBank's leadership recognized in us a CDFI partner that shares an intentional desire to deploy capital equitably to entrepreneurs who need it most. Their commitment will increase our impact in small business communities, including those that have lacked access to the responsible funds they need and deserve."

"Lendistry plays an important role in delivering small business capital from coast to coast. We are excited to use our capital to promote small businesses growth and expansion in marginalized communities," said Brian Maddox, National Team Leader for KeyBank Community Development Financial Institutions group. "Our $20 million investment is part of the bank's commitment to increase access to capital and bring greater equity for marginalized communities."

About Lendistry

B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital, and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry's leadership is often called upon to share their expertise with both government and private organizations. 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 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 dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.

About KeyBank Community Development Lending and Investment

KeyBank Community Development Lending and Investment (CDLI) finances projects that stabilize and revitalize communities across all 50 states. As one of the top affordable housing capital providers in the country, KeyBank's platform brings together construction, acquisition, bridge-to-re-syndication, and preservation loans, as well as lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low-income housing projects, especially Low Income Housing Tax Credit (LIHTC) financing. KeyBank has earned 10 consecutive "Outstanding" ratings on the Community Reinvestment Act exam, from the Office of the Comptroller of the Currency, making it the first U.S. national bank among the 25 largest to do so since the Act's passage in 1977.

About KeyCorp

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $198 billion at March 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

KeyBank, Friday, June 2, 2023, Press release picture