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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.
United-statesTexasAmericanBeth-baffordJamesh-basonResilience-fundSouthern-opportunityNative-americanCalvert-impact-capitalSoarAidAssistanceNorthern Arc raises $10 mn in ECB from Calvert Impact Capital
March 11, 2021
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Northern Arc Capital, a non-banking finance company (NBFC) that provides access to debt capital for under-banked individuals and businesses, announced that it has raised $10 million in debt through external commercial borrowing (ECB) from US-based impact investor Calvert Impact Capital.
The funding is Calvert Impact Capital’s largest debt investment in India so far.
In a press release, Northern Arc said that it will deploy the funds towards on-lending to financial institutions as well as lending directly to retail customers and to mid-market corporates.
“Underbanked customers, including low-income households and small businesses, to whom credit has dried up over the last few months due to the pandemic, will be key beneficiaries of the proceeds,” the NBFC added.
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