Lendistry announced plans to support underserved small businesses across Texas thanks to funding of $5 million provided by Texas Capital Bank. The purpose of this partnership is to open a physical location in Dallas and to provide access to capital in the state's small business community. With this new partnership, Lendistry will also launch three new lending products that are in high demand: contractor financing, non-profit term loans and startup financing. Lendistry currently has offices on the East and West coasts in Los Angeles, Orange County, and Baltimore, MD. While the company's footprint is nationwide, this expansion to Dallas represents its first location in the central United States.
"We are extremely excited to partner with Texas Capital Bank. In addition to its vastness within the state's market, the company and team members' dedication to serving underserved and undercapitalized communities is unparalleled," said Everett K. Sands, CEO of Lendistry. "As new businesses continue to open in record numbers, small business owners in Texas need responsible partners to make it easier to access capital. Contractors, startups, and nonprofits in particular have unique needs that call for a non-traditional approach. Lendistry is glad to bring them a progressive option."
Lendistry's three new products respond to rising needs in the underserved business community. Following the recent federal infrastructure bill, a high volume of opportunities for contractors are opening up. Lendistry will provide contractors who have been in business for two years or more with access to up to $1 million in non-revolving lines of credit, with a preapproval process in place so eligible contractors can bid with confidence. Growing nonprofits, often considered high risk for traditional financing, will be able access loans up to $5 million from a team that understands their needs. Finally, with record numbers of new small businesses entering the marketplace, many of which are owned by women and minorities, the need for responsible startup capital is growing in underbanked communities. Startups, which Lendistry defines as businesses that have been in operation for less than two years, can apply for up to $500,000.
To implement these programs in person, in addition to a physical location, the fintech has begun building a local team under its new Senior Vice President of Sales, Todd R. Adams. Adams comes to Lendistry with over 20 years of experience in banking and small business finance. The new Lendistry office is located at 2550 Pacific Avenue, Suite 700, Dallas, Texas 75226, but Lendistry and Texas Capital Bank will introduce their partnership to the Lone Star State at a special event.
"Texas Capital Bank believes that the best way to serve is to listen, and we have heard small business owners loud and clear, that they need access to innovative financing options," said Effie Dennison, EVP, Head of Community Development and Corporate Social Responsibility at Texas Capital Bank. "We are proud to partner with Lendistry to bring these financing options to Texas in order to support our vibrant small business community and look forward to our launch event on August 9 at Dallas Startup Week, hosted by the Dallas Entrepreneur Center."