Black Firm Lendistry To Administer $200 Million In Pandemic Recovery Grants To Small And Micro-Businesses In New York
Lendistry, the only nationwide fintech CDFI and the only African-American-lead small business lending company, is helping small and micro-businesses in New York.
The CDFI’s NY State Seed Funding Grant Program is administering $5,000-$25,000 grants to viable small and micro businesses, for-profit independent arts and cultural organizations, and independent arts contractors that were established on September 1, 2018 or later.
Lendistry CEO Everett Sands said he was excited to continue to help minority businesses in New York, something he is passionate about.
“We consider ourselves probably one of the largest African-American deployers of capital in the US,” Sands told Black Enterprise. “And after George Floyd, what was very important to me as the CEO is that we got a chance to sit at the table and help to influence or add our voice when various clients were starting to create programs such as the NY State Seed Fund.”
Businesses that incurred costs between Sept. 1, 2018 and Jan. 1, 2022 can apply for the micro-grants, which can be used for payroll costs, mortgage or rent payments, HVAC costs, equipment, taxes, insurance and utility costs, personal protective equipment (face masks, hand sanitizer), and more.
Lendistry is a group of 330 financial bank technology professionals who deploy capital to underserved and undercapitalized communities. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states.
The CDFI was selected by the states of California, Pennsylvania, and New York to administer their small business relief programs, which distributed grants to businesses that lost significant revenues during the pandemic.
“I think it’s important that small businesses get grants so they have the opportunity to afford these costs and not have to leverage other sources of working capital which can be used to reinvigorate their business or pivot their business,” Sands added.
The NY State Seed Funding Grant Program was created by Empire State Development (ESD) to support early-stage businesses as they grow in what has become an unpredictable and rapidly changing economy.
Lendistry has a proven track record of distributing grants and loans efficiently and fairly. Roughly 80% of the relief funds Lendistry has disbursed through Small Business Administration (SBA) programs and state-funded grants to date have been awarded to underserved businesses, including minority-owned, women-owned, veteran-owned, and businesses located in low-income areas.
Those interested in applying for grants, updates on when the program will begin distributing funds, and more information can go to the program website.