On August 9, Lendistry, a minority-led and technology-enabled small business and commercial real estate lender, announced plans to support underserved small businesses across Texas thanks to the funding of $5 million provided by Dallas-based Texas Capital Bank. The partnership allows Lendistry to open a physical location in Dallas—its first in Texas—and provide access to capital for the state’s small-business community. With this new partnership, Lendistry is also launching three new lending products that are in high demand: contractor financing, nonprofit term loans and startup financing. Lendistry currently has offices on the East and West coasts in Los Angeles, Orange County and Baltimore. While the company’s footprint is nationwide, this expansion to Dallas represents its first location in the central (i.e., non-coastal) U.S.
“We are extremely excited to partner with Texas Capital Bank,” says Everett K. Sands, CEO of Lendistry. “In addition to its vastness within the state’s market, the company and team members’ dedication to serving underserved and undercapitalized communities is unparalleled. 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 underserved business sectors. Following the recent federal infrastructure bill, a high volume of opportunities for contractors are becoming available. 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 pre-approval process in place so eligible contractors can bid with confidence. Growing nonprofits—often considered high risk for traditional financing—will be able to access loans up to $5 million. 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 in loans.
To implement these programs in person, in addition to a physical location, the fintech has started building a local team under its new senior vice president of sales, Todd R. Adams. He comes to Lendistry with more than 20 years of experience in banking and small-business finance. The new Lendistry office is located at 2550 Pacific Ave., Ste. 700, in Dallas. Lendistry and Texas Capital Bank introduced their partnership in the Lone Star State at a special event on August 9 during Dallas Startup Week hosted by the Dallas Entrepreneur Center. Dallas Startup Week was held August 7–11 at the Cox School of Business at Southern Methodist University.
“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,” says Effie Dennison, executive vice president/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.”
BSD Capital Inc., dba Lendistry, and its nonprofit partner organization, The Center by Lendistry, provide economic opportunities and progressive growth for underserved urban and rural small-business borrowers and their communities. The company has Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications. It is also a member of the Federal Home Loan Bank of San Francisco. During the pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states, becoming the eighth largest PPP lender in the country in 2021. As a previous SBA Community Advantage lender in California, the company was one of the top-ranked lenders in that program in the nation. In 2022, Lendistry SBLC LLC, a subsidiary of BSD Capital Inc., became the nation’s only African American-led SBA-designated small-business lending company.
Established in 1998, Texas Capital Bank has offices in Dallas, Fort Worth, Austin, Houston and San Antonio, with a network of clients from across the country.
