Fintech lender Lendistry closed a $50 million credit facility with East West Bank to expand its small business lending platform.
“East West Bancorp is an industry leader in structured credit, and working with SVP Mark Parsa has been very rewarding. This credit facility is a significant milestone for Lendistry that will boost inclusive and responsible small business financing to business owners and underserved communities nationwide,” says Lendistry CEO Everett K. Sands.
Lendistry has a sustainable business model with an average loan rate of 10.3% across its SBA, term, line of credit, and CRE product lines. Ranked second nationwide in CDFI SBA Community Advantage lending, more than 70% of Lendistry’s small business owner borrowers are women, minorities and veterans or operate in underserved areas. To date, Lendistry has partnered with more than 29 institutional partners that include leading investment and retail banks, foundations, fintech companies, and governmental entities.
“Lendistry is a remarkable finance company that utilizes technology in providing much-needed capital to those small businesses and communities that have been predominantly neglected by traditional lenders. It has been an absolute pleasure to work with Everett Sands and the management team at Lendistry over the last few months. We look forward to supporting the company’s growth and expanding our relationship with Lendistry over the coming years,” said Mark Parsa, senior vice president of East West Bank’s Structured Finance Group.
Lendistry is minority-owned and offers an inclusive small business lending program that emphasizes outreach to diverse business owners and underserved areas.
