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Underserved corporate lenders provide Texas with $5 million

Nearly 500,000 new business applications were filed in Texas last year. This is his third highest number in the United States.

California-based lender takes notice, opening office in Dallas to serve underserved new and existing small business owners, including women-owned and minority-owned businesses We help provide capital.

Blair, Calif.-based Rendistory said Tuesday that Dallas-based Texas Capital Bank has provided $5 million in funding to launch three lending products in Texas.

Janet Shensky, Lendistry’s senior vice president of strategic partnerships, said:

Rendistry has spent the past two years talking to underserved business owners in Texas to find out where gaps in their product offering lie, Schensky said. According to the Census Bureau, about 19% of U.S. employer businesses are minority-owned and about 21% are owned by women.

The new partnership will allow contractors who have been in business for two years or more to access a non-revolving line of credit of up to $1 million. Some nonprofits have struggled to get government loans to survive the COVID-19 pandemic, but they can get up to $5 million in loans. Startups and businesses less than two years old can also apply for funding up to $500,000.

Founded in 2015, Lendistry has over 300 employees and over 500 contractors and offices in Los Angeles, Orange County, and Baltimore. Provides $8.7 billion in small business loans and grants to help 586,000 small businesses. Founded in 1998, Texas Capital Bank has $31 billion in assets and approximately 2,000 employees.

Schensky said the two companies began talking about a partnership in November 2020 after Lendistry began offering Paycheck Protection Program loans to minority- and women-owned businesses across Texas. PPP loans have helped employers keep their employees on the payroll during the COVID-19 pandemic.

Minority-led Lendistry eventually became the eighth largest provider of PPP loans in the nation based on total funding, which impressed Texas Capital, said the bank’s head of community development and corporate social responsibility. says Effie Dennison.

“There was a lot of struggle on the front end because it took less time to get the papers in order and submit the application,” she said. “But they were able to do it at the top lender level, so I wanted to talk to them and find out what they did and how.”

Lendistry CEO Everett Sands previously led teams at Wells Fargo on the East and West Coasts.(Evan Chan)

Dennison said he was also impressed by Rendistry founder Everett Sands. A graduate of the University of Pennsylvania, Mr. Everett Sands has served on the board and board of directors of two minority depository institutions and has led teams on the East and West Coasts of Wells Fargo.

“As a minority business owner and former banker, I knew he had firsthand knowledge of some of the challenges and pain points facing some of these small businesses,” she said. Said. “There was no education curve that had to happen.”

While there are other community development financial institutions that provide financial services to those who lack access to capital, Lendistry stands out and the partnership is intentional, Dennison said. However, as part of the partnership, Banks insisted that Rendistory establish a physical presence in Texas on Pacific Avenue in Dallas.

Because Lendistry isn’t a bank, Dennison says its loan flexibility makes it an ideal partner. She hopes the partnership will encourage small businesses to choose Texas Capital as an ongoing banking partner.

“We have much stricter regulatory requirements, underwriting and credit policies and risk tolerances,” she said.

Lending products aren’t just for start-ups, Dennison said, but Texas Capital believes the wave of new business openings will help boost partnership offerings.

“This pandemic has really changed a lot,” she said. “People who would never have thought of starting their own business are starting in large numbers.”

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