TD Community Development Corp. (TDCDC), a wholly owned subsidiary of TD Bank, announced Sept. 19 that it has committed to invest $25 million to the Lendistry Warehouse Capital Access Fund.
Lendistry estimates that over the next five years this anchor investment may support up to $250 million in financing to more than 1,600 small businesses nationwide, including those in undercapitalized communities.
Lendistry is a tech-enabled small business lender, grant administrator for private and public agencies, and a resource for undercapitalized entrepreneurs including people of color, veterans, and those in rural communities. Founded in 2015, Lendistry has used technology and community partnerships to deploy more than $10 billion in its first ten years.
“TD believes that small businesses of all sizes are the economic drivers of our communities, but each one has different credit needs,” said Michael Cooper, president of TDCDC. “We are pleased to invest with Lendistry to make loans starting at $25,000 available to small business owners, which aligns with the goals of TD’s Community Impact Plan.”
Lendistry CEO Everett K. Sands added that “Investors like TDCDC are essential to our mission to disrupt the predatory lending industry and create balance in the financing ecosystem. We’re here to bridge the gap in a way that benefits everyone from the banks, supporting their Community Reinvestment Act goals, all the way down to the business’s employees and their families, increasing their prosperity.”
Lendistry uses proprietary technology to help business owners access their platform and their team and complete the application process online no matter where they live.
TDCDC is making this commitment toward TD Bank’s Community Impact Plan pillar to invest in Community Development Financial Institutions and Minority Depository Institutions through lending, investments and deposits.
