Honigman Represents Lendistry in $100 Million Financing to Provide SBA Paycheck Protection Program Loans
Honigman represented B.S.D. Capital, Inc. (d/b/a Lendistry), an SBA lender and community development financial institution, in a financing transaction to borrow up to $100 million from Goldman Sachs to fund the origination of SBA Paycheck Protection Program Loans to small businesses and non-profit organizations through the federal government’s CARES Act. The CARES Act is one of the federal government’s responses to the economic impact of COVID-19. The financing transaction is a part of Goldman Sachs’ 10,000 Small Businesses initiative
Lendistry will prioritize loans to small businesses, sole proprietors, independent contractors and entities in underserved and rural markets, targeting the states of California and Florida and the cities of Baltimore, Philadelphia, and Atlanta. The program will also focus on minority- and women-owned businesses, veteran-owned businesses, and recently-formed small businesses, among others.