At a time when record numbers of small businesses need loans in lower amounts, the fintech has become the top non-bank SBA 7(a) lender in Los Angeles County by filling this pressing need
LOS ANGELES, CA / ACCESSWIRE / November 14, 2024 / Lendistry announces today that, when the first month of the new SBA fiscal year came to a close on October 31, 2024, it ranked number one in L.A. County for approved SBA 7(a) loans by a non-bank lender (1). This news comes on the tailwind of a celebratory visit from the U.S. SBA Administrator, Isabel Guzman, to Barbershop Lopez, one of Lendistry's local customers.
Lendistry operates nationally but has been very focused on their hometown Los Angeles market in 2024, announcing the location of their new national headquarters in an LA Opportunity Zone back in February, and becoming the official small business lender of the LA Sparks WNBA team back in May. CEO Everett K. Sands was named an Entrepreneur of the Year winner for Greater Los Angeles in June.
The fintech attributes this high volume to its commitment to providing the low-amount loans today's small business owners need to grow, paired with proprietary technology that allows borrowers to complete their applications completely online with faster results. Though typical SBA 7(a) loans take 60-90 days to process, Oscar Lopez, owner of Barbershop Lopez, received his financing from Lendistry in three weeks. "Lendistry made the whole process so easy," says Lopez. "They really simplified things, and without Diego, my accountant, and their support, I wouldn't have been able to get through all the steps as smoothly."
The SBA's 2024 Capital Report cites the "most dramatic trend" in its 2024 fiscal year was a steep upswing in loans under $150,000, which have doubled since 2020.
"Reaching #1 in L.A. County among our fellow Small Business Lending Companies is a significant milestone for Lendistry, especially as the Olympics and other major events create opportunities for the businesses we founded Lendistry to support," says Sands. "Lendistry has been advocating for programs that support small businesses to make low-amount loans more accessible, and we've done the work to show it can be done efficiently and responsibly."
(1) National Association of Government Guaranteed Lenders Loan Production report, October 31, 2024
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.
Contact Information
Kate Kearns
Communications manager
communications@lendistry.com
SOURCE: Lendistry
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