Lendistry, a small business loan platform, has scored a $1.5m investment from Comerica Bank, which will help it increase its loan balance.
Comerica Bank also made a $500,000 investment into California FarmLink, as part of its Community Development Financial Institutions initiative designed to help small businesses impacted by the coronavirus crisis. This programme is supplying capital to businesses in Arizona, California, Florida, Michigan and Texas.
Lendistry CEO Everett Sands said, “Reversing the staggering unemployment numbers depends on small businesses having the resources to get back on track. Comerica’s investment in Lendistry will support loans to some of the smallest and most underserved businesses in Comerica’s markets, including those owners by minorities, women and veterans.”
Additionally, the capital will be utilised to increase the development and impact of its lending capabilities.
The company offers SBA Payment Protection loan, Small Business Loans and Lines of Credit to small businesses.
FarmLink, which also receive funding, supports the prosperity of farmers and ranchers through lending, education and access to land. Through the platform, farmers can build strong business skills, access fair financing and secure land tenure.
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