Gov. Wes Moore announced a $15 million commitment to minority-led small business lender Lendistry to provide relief to Maryland small businesses. It marks the latest investment through the State Small Business Credit Initiative, through which Maryland is deploying up to $198 million in federal relief.
The initiative is administered by three state agencies through nine programs. Through the Department of Housing and Community Development’s Neighborhood BusinessWorks Loan to Lender program, Lendistry will be able to lend up to $250,000 to small businesses that are owned and operated by Socially and Economically Disadvantaged Individuals; Very Small Businesses; or are in Community Development Financial Institutions Investment Areas.
Maryland was the first state in the nation to submit its State Small Business Credit Initiative deployment plan 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 and commercial real estate lender that provides economic opportunities 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 it was established in 2015, Lendistry has deployed more than $8.9 billion in small business loans and grants across the country, and supported more than 595,000 small businesses. It has allocated more than 74% of the funding to minority-owned businesses.
“Lendistry is committed to giving small businesses the best possible chance at fair and responsible financing they need to grow, and I’m confident this partnership will make a significant impact,” said Lendistry CEO Everett Sands. “State Small Business Credit Initiative programs help compensate for common shortfalls that underserved and undercapitalized business borrowers experience. Combining these programs with our accessible fintech platform will make a positive difference for Maryland communities that have been ready to grow for a long time.”
State Small Business Credit Initiative program funds are also administered by the Maryland Department of Commerce and the Columbia-based Maryland Technology Development Corp.