SOAR Fund begins accepting applications today scbiznews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scbiznews.com Daily Mail and Mail on Sunday newspapers.
Mississippi small businesses and nonprofits economically displaced by the pandemic can now apply for low-interest loans up to $100,000 through the Southern Opportunity and Resilience fund.
Of Mississippi s small businesses, 47% have less than two months cash on hand, according to the U.S. Census Bureau Small Business Pulse Survey.
The SOAR fund works with and through local Community Development Financial Institutions to provide help to underinvested business. SOAR s effort will span 16 states, and 13 CDFIs will serve as the fund s community lenders. 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, George Ashton, managing director at Local Initiatives Support Corporation, said in a media release Tuesday.
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SOAR fund helping minority-owned businesses in the south to rebound
SOAR fund helping minority-owned businesses in the south to rebound
and last updated 2021-04-13 08:46:38-04
Paycheck protection loans have helped small businesses cover expenses during the pandemic. But now there s a need to get more credit access to businesses to help them with their long-term recovery. 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 the business plan, James H. Bason, President and CEO of TruFund said.
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