Press Release – updated: Sep 29, 2017 04:00 PDT
BREA, Calif., September 29, 2017 (PRESS RELEASE JET) – Lendistry is pleased to announce that Kaleb Kim has joined the team as Community Banking Relationship Manager. Mr. Kim comes to Lendistry from Orange County Small Business Development Center (OCSBDC) where he specialized in loans and lines of credit for existing small businesses and start-ups. Mr. Kim’s career experience includes serving as a Small Business Banker and Relationship Manager at community and national banks, and consulting for a wholesale manufacturer start-up in Orange County where he helped strengthen the company’s financial infrastructure.
Mr. Kim was initially drawn to Lendistry’s unique position in the Fintech lending space as one of the only few lenders with both CDFI and SBA designations, but it was the shared business mission that cinched the move. “My philosophy aligns well with their mission and passion to provide education and funding to the small business community, as they don’t just build businesses, they strengthen communities,” Mr. Kim said. Lendisty is committed to providing affordable access to small business term and SBA loans to all businesses, particularly in underserved communities.
The minority-owned business community is one of particular interest of Mr. Kim. “Funding often plays a big part in determining the success of a small business,” Mr. Kim said. He cited recent studies done by the Minority Business Development Agency (MBDA) that show minority-owned businesses have historically found it difficult to gain access to capital. “This may be due to multiple factors, including lack of access to adequate resources and linguistic challenges,” Mr. Kim explained. “In addition, when minority-owned companies do receive loans, the dollar value is often less, while the interest rates tend to be higher. Many minority-owned firms don’t apply for business loans at all because of a real or perceived likelihood of rejection, which further limits their opportunity for growth.”
Funding often plays a big part in determining the success of a small business.
Mr. Kim’s penchant for analysis and market research is matched by his passion for advocating for minority-owned businesses. “Minority-owned firms employed 4.7 million workers with an annual payroll of $115 billion,” Mr. Kim said, referring to the U.S. Census Bureau’s 2002 Survey of Business Owners. “These firms generated $661 billion in annual gross receipts, yet the potential for growth among minority-owned businesses is largely untapped. Providing adequate access to capital would help the minority business community reach the goal of economic parity. Investing in businesses owned by minorities not only makes good business sense, but is an investment in the future growth of the U.S. economy.”
In his role as Community Banking Relationship Manager, Mr. Kim will help empower business owners by promoting education on credit, small business finance, and the funding opportunities available to them at Lendistry. Mr. Kim will also spearhead relationships with Korean-American and other minority business owners, a cause close to his heart.
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