OOn April 19, BSD Capital, Inc. dba Lendistry (“Lendistry”) announced that Lendistry SBLC LLC, its wholly-owned subsidiary, had obtained a Small Business Lending Company license from the US Small Business Administration. With this license, Lendistry SBLC will now be able to offer SBA 7(a) loans of up to $5 million nationwide.
SBLCs are regulated, supervised, and reviewed by the SBA, except for the small portion of SBLCs defined as other regulated SBLCs. As defined in 13 CFR 120.10, SBLCs are noncustodial lending institutions that are only authorized to make loans under SBA Section 7(a) and loans to intermediaries under the microloan from the SBA. Lendistry is now one of 14 non-custodial lending institutions nationwide to hold such a place and is the only African-American-run lender to hold an SBLC license. The company says it’s even “rarer to be an SBLC licensee who can also offer loans under other community development programs.”
“We believe there is huge demand for our existing customers and some small businesses who are already familiar with Lendistry, but also for those who are not yet familiar with it but need or need access to capital that cannot not get it from a traditional lender, we believe we will be able to serve them during this time of a pandemic,” said Kerrington V. Eubanks, SVP, Strategic Partnerships at Lendistry on a call with unbanked.
The company says it has recently seen an increase in interest in loans and lending products as small businesses grow post-pandemic. Lendistry says he will work to do his part in the recovery. “By supporting them with our lending products, helping different partners leverage our platform as a service,” Eubanks explained.
Lendistry has provided just over $8.5 billion in deployed capital to approximately 570,000 businesses nationwide. The company’s objective is to double their current number in the capital.
Last modification : April 26, 2022
Larissa Brulato writes for deBanked. Connect with me on LinkedIn.