NASHVILLE, Tenn. (WTVF) — More help is on the way to struggling minority businesses in the South through a fund called the Southern Opportunity and Resilience Fund (SOAR) which will launch at the end of the month.
The people behind the fund are trying to address the economic inequities that they say exist in the South and in the banking industry.
The SOAR Fund is for small businesses and nonprofits from Texas to Delaware and Tennessee with 50 or fewer full-time employees. Thirteen community development financial institutions are participating in the fund to process the loans.
They want to make sure the Black, Hispanic and Native American communities in the South are getting the help they need for their businesses.
Paycheck protection loans have helped small businesses cover expenses during the pandemic but now there's a need to get more credit access to business owners to help them with their long-term recovery.
These loans from the SOAR fund are not forgivable like PPP loans but are available at low cost to business owners.
"An equitable recovery is going to be required to a concerted effort and investment and time and capital to make sure these underserved businesses and communities get the capital they need to survive and become more resilient and move forward with business plans," said James H. Bason, president and CEO of TruFund.
The people behind the fund say if it works in the South, they could expand it to other areas of the country in the future. Business owners can get more information on how to sign up by clicking here.
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