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Sunday, May 28, 2023

Governor Moore Announces $15 Million Available for Small Business Relief 

Governor Wes Moore today announced a $15 million commitment to minority-led small business lender Lendistry to provide relief to Maryland small businesses. The commitment is the latest investment through the State Small Business Credit Initiative, through which Maryland is deploying up to $198 million in federal relief.

“As the first Community Development Fund Institution to begin offering loans through Maryland’s State Small Business Credit Initiative program, Lendistry will unlock opportunities for small businesses to grow and expand in the state,” said Gov. Moore. “Through this infusion of funds, the state can work with lenders to reach even more businesses that need investment to support their success.”

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.

“The Neighborhood BusinessWorks program is a great resource to stimulate investment in communities that are prime for revitalization,” said Maryland Department of Housing and Community Development Secretary Jake Day. “The funds allow us to go above and beyond the department’s regular lending capacity and serve even more businesses across the state.”

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 is dedicated to providing 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 Lendistry was established in 2015, it 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 K. 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 Maryland Technology Development Corporation. To learn more, visit open.maryland.gov/ssbci

To apply for a loan through Lendistry, go to https://dhcd.maryland.gov/Business/Pages/SSBCI/SSBCI-NBW.aspx#ParticipatingCDFIs.

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