Priya Patel
TLDR:
Key Points:
- Lendistry has updated its smart scoring fintech solution to provide fast and responsible loan offers to Maryland small businesses.
- The program allows for funding in as little as two business days for eligible borrowers applying for under $150,000.
Lendistry announced the implementation of its updated smart scoring fintech solution to provide fast and responsible loan offers to eligible small business borrowers in Maryland. These loans are supported by the Maryland Department of Housing and Community Development’s Neighborhood BusinessWorks Loan to Lender program, which was established with a commitment of $15 million to Lendistry in 2023 by Governor Moore. The program offers financing with lower fees and rates than traditional loans, and no prepayment penalty. Initially launched with a loan maximum of $350,000, Lendistry has now increased the limit to $500,000. Eligible borrowers applying for under $150,000 can receive funding in as little as two business days thanks to the new scored automations implemented by Lendistry.
According to Everett K. Sands, CEO of Lendistry, the aim is to make state-funded small business programs accessible quickly and conveniently to help borrowers traditionally viewed as too risky by traditional lenders. Maryland Department of Housing and Community Development Secretary Jake Day emphasized the importance of reducing barriers to accessing loans to support historically underserved small business owners and encourage economic growth across the state.
For Lendistry applicants in Maryland applying for loans supported by this program, reaching the offer stage will automatically present them with a choice of a lower rate, making the process simpler for borrowers. Lendistry, as a minority-led fintech, is dedicated to providing innovative lending products and access to grant programs for small businesses nationwide.
