Adapted from original press release https://www.connect2capital.com/p/soar-fund/soar-fund-pr-4-27-21/
Southern Small Businesses and Nonprofits Impacted by Covid Can Now Apply for Support from Multi-Million Dollar Fund
Small businesses and nonprofits across 15 southern states can now get low-interest loans of up to $100,000 and free business support from the Southern Opportunity and Resilience (SOAR) Fund as they work to rebuild from the pandemic
April 27, 2021 – Small business owners and nonprofits across the South can begin applying today for very low interest loans of up to $100,000 and free business support through the Southern Opportunity and Resilience (SOAR) Fund—a new program created by a diverse group of community lenders aimed at helping small businesses and nonprofits navigate and rebuild from the Covid-19 health and economic crisis.
The SOAR Fund is launching with more than $50 million in initial commitments —provided by philanthropic, private and corporate investors—and aims to eventually lend $150 million or more to small businesses and nonprofits with fewer than 50 employees in 15 southern and southeastern states. The loans are designed to reach the smallest of small businesses and those that have been historically underbanked, including those in rural areas and those owned by women, people of color, and immigrants. These businesses often struggle to access capital from traditional sources but are critical to providing jobs and supporting economic recovery in communities across the South.
The Fund works with and through local Community Development Financial Institutions (CDFIs), which have been serving the types of un-and underinvested businesses the SOAR Fund aims to help for decades.
“The Covid-19 pandemic exacerbated an already uneven recovery from the Great Recession. Southern states had slower economic growth, lower labor force participation, and higher unemployment than the rest of the country, partially driven by the historic lack of corporate and philanthropic investment in the region,” said George Ashton, managing director at Local Initiatives Support Corporation (LISC), which manages the Fund. “The SOAR Fund will tackle these issues head-on by addressing structural barriers to economic opportunity by providing capital to Southern small businesses and nonprofits that need it now.”
Eligible applicants will be matched with a participating lender that will assist the business owner with the application and provide advisory support. Applicants will be able to sign up online and get matched to a lender in less than five minutes.
“We encourage all small businesses and nonprofits that have been impacted by the Covid pandemic and need a hand in rebuilding to apply now,” said Patrick Davis, Vice President of Program Strategy and Development at Community Reinvestment Fund, USA, which is hosting the Fund’s online platform. “This is affordable capital that can help small business owners and nonprofits hang on and rebuild, which is vitally important to all of us. Nonprofits provide crucial services and support to our communities and small businesses create jobs and provide valuable economic activity. Strong southern small businesses and nonprofits will lead to a strong economic recovery for southern communities.”
To learn more about the SOAR fund, please visit https://www.liscstrategicinvestments.org/soar
For the SOAR website, please visit https://www.connect2capital.com/p/soar-fund/
For businesses to apply for SOAR investment, please visit https://www.connect2capital.com/p/soar-fund/soar-get-started/
See full press release here https://www.connect2capital.com/p/soar-fund/soar-fund-pr-4-27-21/