Community Bank has launched a partnership with small business lender Lendistry and commits $3m to its loan fund.
California-based Lendistry offers loans to local businesses, with an applicant filling out an online form application which is approved within two days and deployed within three-five days. The platform offers a loan between $50,000 to $1m, with rates as low as 5.9 per cent and terms up to ten years.
Lendistry CEO Everett Sands said, “Small businesses want the approval process to be quick and easy. Lendistry’s proprietary software streamlines the approval process, even for products like SBA.”
The Lendistry CRA Loan Fund I will invest in small business and commercial real estate loans, to provide south Californian companies support.
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