International Trade Administration Partners with Lendistry to Expand Access to Capital for Minority-Owned Businesses
FOR IMMEDIATE RELEASE
Monday, July 24, 2023
Contact: Office of Public Affairs
LOS ANGELES – The U.S. Department of Commerce’s International Trade Administration (ITA) and Lendistry, a minority-led small business lender with a focus on underserved enterprises, signed a Memorandum of Agreement at the U.S. Commercial Service’s Empowering Women-owned Businesses for Global Expansion event at Los Angeles City Hall on June 23, 2023.
This partnership supports a shared mission of empowering small business owners and entrepreneurs—which are the backbone of America’s economy—to grow and scale their businesses. Furthermore, the partnership allows ITA and Lendistry to collaborate on efforts to create good-paying jobs and support U.S. minority business growth through exports.
According to the U.S. Census Bureau, less than 1% of minority-owned businesses export their goods or services. A 2021 study of small businesses by Federal Reserve Banks found that, of firms applying for traditional financing, 40% of white-owned firms received all of the financing they sought, compared to 31% of Asian-owned firms, 20% of Hispanic-owned, and only 13% of Black-owned firms. The study found this trend persists even among firms with good credit scores.
“By partnering to create equitable growth for businesses in underserved communities, ITA and Lendistry will help minority-led businesses confidently expand in the global marketplace by increasing their awareness of the benefits of international trade and ITA’s services to support U.S. exports,” said Marisa Lago, Under Secretary of Commerce for International Trade.
“Partnerships between organizations open more doors for small business borrowers,” said Everett K. Sands, CEO of Lendistry. “That’s why we’re so proud to work with the U.S. Department of Commerce International Trade Administration. We want underserved small business owners to have the financial freedom to both serve their local communities and think globally. This partnership will do a lot to change the game for undercapitalized communities.”
About the International Trade Administration
The International Trade Administration (ITA) at the U.S. Department of Commerce is the premier resource for American companies competing in the global marketplace. Operating in more than 100 U.S. locations and 80 markets worldwide, ITA promotes trade and investment, assists U.S. businesses and workers to export and expand globally, and ensures fair trade and compliance by enforcing U.S. trade laws and agreements. For more information on ITA, visit www.trade.gov.
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital, and to empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry’s leadership is often called upon to share their expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities. For more information on Lendistry, visit https://lendistry.com/.