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.
What is the rebound?
As Middle Tennessee works to rebound from the impact of the Coronavirus, we want to help. Whether it's getting back to work, making ends meet during this uncertain time, or managing the pressure, we're committed to finding solution. In addition, we want to tell your stories of hope, inspiration, and creativity as Middle Tennessee starts to rebound.
Find more in the sections below
Safely Back to SchoolHow schools are changing, and what you can do to help your child get the most from their education, in-person or virtual
Getting Back To WorkLearn about the latest job openings, how to file for benefits and succeed in the job market.
Making Ends MeetFind help on topics from rent to food to new belt-tightening techniques
Managing the PressureFeeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress.
Doing What’s RightKeep track of the way people are spending your tax dollars and treating your community.
State of EducationFind ways to cope with the new normal around schools and celebrate students’ success in the age of Coronavirus.
We're Open Y'allSupport local businesses doing their best to stay open and serve their customers during Covid.