The downtown-based small business and commercial real estate lender launched the California Venues Grant Program on Oct. 29 to deliver $150 million in support to independent live venues in California whose ticket sales and event promotion revenues were disrupted in 2020 and 2021 because of Covid-related closures.
Through the program, Lendistry will issue grants in the amount of $250,000 or 20% of an applicant’s gross earned revenue in California for 2019. The company will accept applications through its own site from Oct. 29 to Nov. 19, 2021.To qualify, venues must have a physical address and operate in the state; have a defined performance and audience space, lighting and sound equipment; and have one or more paid employees who carry out roles such as sound engineering, stage management and promotion.
Administration of the California Venues Grant Program follows Lendistry’s work on the $4 billion California Small Business Covid-19 Relief Grant Program, which began with $500 million in funding in December 2020, added $2 billion in March 2021, and then added another $1.5 billion in August 2021. The combination of these two programs marks the largest Covid relief effort in the country, according to the company.
“Live events play an essential role in their local economies and offer a much-needed safe space for people to come together,” said Lendistry Chief Executive Everett K. Sands in a statement. “Lendistry is ready and willing to help support our California venues as they work to reopen and provide a positive atmosphere for our return to the new normal.”
Founded in 2015, Lendistry ranks second nationwide in SBA Community Advantage lending, providing financing to small business owners and underserved communities. Since the beginning of the pandemic, Lendistry has provided Paycheck Protection Program loans to small businesses in all 50 states and was selected by California, Pennsylvania and New York to manage and operate their small business relief programs. The company it is currently ranked No. 8 in PPP lending for 2021.
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