Exelon invests $5m in Lendistry to back small businesses

Lendistry, a nationwide small business lender and Community Development Financial Institution (CDFI), has secured a $5m investment from Exelon, one of the largest energy delivery companies in the United States.

The funding comes through Exelon’s Community Impact Capital Fund, which is managed in partnership with RockCreek.

The initiative is designed to expand access to capital for undercapitalised businesses operating within Exelon’s service areas, enabling them to grow, hire, and reinvest in their communities.

Founded in 2015, Lendistry is a tech-enabled lender that combines technology with community partnerships to deliver loans and grants to small businesses. The company also works as a grant administrator for public and private agencies, and focuses on serving groups such as people of colour, veterans, and rural entrepreneurs.

Over the past decade, it has deployed more than $10bn in funding. Alongside its lending activities, its non-profit arm, The Center by Lendistry, provides business education to help entrepreneurs scale.

With the new investment, Lendistry plans to direct capital to businesses in cities such as Chicago, Atlantic City, Baltimore, Philadelphia, Washington DC and Wilmington. The funds will be channelled through Lendistry’s platform and community networks to ensure that undercapitalised but growth-ready businesses have the resources they need to succeed.

Lendistry CEO Everett K. Sands said, “We appreciate Exelon for choosing Lendistry to help them execute their mission. The Exelon team truly understands the connection between small businesses and local prosperity, and their investment in Lendistry will energize their service areas with economic empowerment.”

Exelon executive vice president and chief operating officer Mike Innocenzo said, “We’re not only delivering energy, we aim to be an economic engine in the communities we serve. We believe that empowering community-based businesses is one of the key ways we can promote long-term, sustainable growth and we’re proud that our Community Impact Capital Fund is already creating opportunities.”