Lendistry Awarded for Providing $23.3 Million in Loans to 15 Marginalized Businesses

Akin Co. ● Left to right: Ariel Lawrence (CEO), Jordan Jua, Carter Shaw, and Nicole Comp Photo Credit: Akin Co./Lendistry

LOS ANGELES, June 11, 2024 (VSNewsNetwork.com) - Lendistry, a financial technology company, has received the Qualified Low-Income Community Investment (QLICI) of the Year Award from Novogradac in the Small Business category. The award recognizes Lendistry's New Markets Tax Credits (NMTC) Loan Fund I, also known as the Small Business Loan Fund (SBLF), which provided $23.3 million in below-market-rate loans to 15 businesses in underserved communities across the United States.

The SBLF is distinct in its focus and approach, differing from traditional community development entities that often allocate NMTC resources to a few large-scale real estate projects. Lendistry's fund targeted small businesses, offering financial support to a diverse range of enterprises. Notable beneficiaries include a women- and minority-owned accounting firm in New York and a minority-led nonprofit makerspace in Chicago, which serves over 75 artists and creators.

One prominent recipient is Akin Co., a women-owned general contracting firm in Los Angeles. Akin Co. is dedicated to projects in low-income areas and initiatives to train previously incarcerated individuals and increase BIPOC women's representation in construction trades. A representative from Akin Co. stated, "We are incredibly honored to have received this loan award. This funding enables us to continue our mission of championing community-centered spaces. We aim to ignite inspiration and motivation in the upcoming generation of construction professionals as well as the neighborhoods we both live and work. This investment will serve as catalyst to not only our business growth, but also make a substantial impact on the City of Los Angeles. We extend a heartfelt thanks to the Lendistry team who believed in our vision and continues to support our journey."

Nicole Boone, Vice President of Capital Markets at Lendistry, accepted the award at Novogradac's 2024 Spring New Markets Tax Credits Conference in Washington, DC. Boone stated, "New Markets Tax Credits have great potential for impacting small businesses, which are a key component to generating community wealth but rarely benefit from NMTC allocations because they need loans under $5 million to grow. These fifteen businesses are just the beginning, as Lendistry intends to recycle these small loans to increase impact of the NMTC subsidy to at least 100 businesses in critical need of capital."

For more information, visit www.Lendistry.com.

Source: Lendistry via Newswire