{"id":451772,"date":"2021-03-05T09:03:32","date_gmt":"2021-03-05T14:03:32","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=451772"},"modified":"2021-03-05T09:03:32","modified_gmt":"2021-03-05T14:03:32","slug":"lendistry-to-administer-additional-2-billion-in-california-covid-19-relief-grants-to-small-businesses-nonprofits-and-cultural-institutions","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lendistry-to-administer-additional-2-billion-in-california-covid-19-relief-grants-to-small-businesses-nonprofits-and-cultural-institutions\/","title":{"rendered":"Lendistry to Administer Additional $2 Billion in California COVID-19 Relief Grants to Small Businesses, Nonprofits, and Cultural Institutions"},"content":{"rendered":"

\nLendistry selected as intermediary to administer new state funding for grants up to $25,000 for small businesses and nonprofits and $50 million in funding for cultural institutions impacted by the pandemic
\n<\/h2>\n
\n

SACRAMENTO, Calif., March 05, 2021 (GLOBE NEWSWIRE) — After successfully administering $500 million in California Small Business COVID-19 Relief Grants, Lendistry, the leading fintech Community Development Financial Institution (CDFI), has again been selected to administer an additional $2.075 billion in grants to small businesses, nonprofits, and cultural institutions impacted by the pandemic across California.<\/p>\n

The funding reflects a four-fold increase in the grants made available through the California Small Business COVID-19 Relief Grant Program, and as the program\u2019s intermediary, Lendistry will provide grants ranging from $5,000 to $25,000 for qualified small businesses and nonprofits, with $50 million allocated specifically for California nonprofit cultural institutions.<\/p>\n

\u201cThe demand for funding has been immense, with small businesses and nonprofits reaching out for relief and support as they endure through this pandemic,\u201d said Everett K. Sands, Lendistry\u2019s founder and CEO. \u201cDuring the initial funding rounds, we successfully connected small businesses and nonprofits with grants across all 58 counties in California, and we\u2019re eager to use our platform to swiftly deploy this critical, additional funding so business owners can keep their lights on and serve their communities during this trying time.\u201d<\/p>\n

The latest round of funding was recently approved by the California legislature, and the relief program is being administered by California’s Office of the Small Business Advocate (CalOSBA), part of the Governor\u2019s Office of Business and Economic Development (GO-Biz).<\/p>\n

Since the launch of the initial funding rounds more than 40,000 grantees have been selected to move forward, more than 350,000 grant applications have been successfully submitted, and 87% of selected applicants represent underserved and disadvantaged small businesses. Demand for grant funding has far surpassed supply, and this latest financing for small business relief presents an additional and necessary opportunity for eligible applicants still seeking support.<\/p>\n

The new funding will be distributed in four additional rounds, beyond the initial funding rounds Lendistry has already completed, in the following order:<\/p>\n

\n New Funding Rounds: <\/strong>\n <\/p>\n