Lendistry and First Independence Bank Collaborate to Boost Access to Capital for Underserved Businesses

LOS ANGELES, August 1, 2023 (VSNewsNetwork.com) - Lendistry and First Independence Bank have declared a partnership designed to aid a growing number of underserved small businesses, including those that are minority-owned, women-led, or situated in low-income areas. This partnership will allow First Independence Bank to present a more flexible alternative to its customers who may not yet be eligible for the bank's commercial financing options.

Recent data from the University of California indicates a rise in business ownership within the Black community, 30% above pre-pandemic levels in 2021. Yet, CBInsights reports that 38% of new businesses failed in the same year due to running out of capital. Lendistry and First Independence Bank, a minority-led fintech and a Minority Depository Institution (MDI) respectively, recognize the need for strong partnerships between Community Development Financial Institutions (CDFIs) and MDIs to address this capital deficiency.

Everett K. Sands, CEO of Lendistry, emphasized the importance of these efforts, stating, "Accessible and responsible capital can significantly change the game for small businesses and the broader business ecosystem. First Independence Bank shares our vision of bridging the capital access gaps, allowing new businesses to grow, generate jobs, and innovate within their communities."

Echoing this sentiment, Dimitrius Hutcherson, Executive Vice President, CAO/CTO at First Independence Bank, asserted, "Sound, strategic partnerships that mutually benefit our respective customers are important. We aim to serve more broadly through this new effort with Lendistry."

This partnership forms part of a larger initiative by the National Bankers Association Innovation Council, who work together with Lendistry to aid minority banks in innovating and digitizing to better support their customers. Nicole A. Elam, President and CEO of the National Bankers Association, emphasizes that "building strong minority-owned small businesses and eliminating the racial wealth gap is central to the partnership between Lendistry and First Independence Bank. We are eager to facilitate similar collaborations with Lendistry and other minority banks across the nation."

For more information, visit www.Lendistry.com and www.firstindependence.com. .

Source: Lendistry via Newswire