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SOAR helping southern businesses rebound after the pandemic

Pandemic-caused product shortages remain
Posted at 10:16 AM, Apr 13, 2021
and last updated 2021-04-13 12:03:06-04

CORPUS CHRISTI, Texas — One source of funding is working to help people in the south rebound after the COVID-19 pandemic.

Paycheck protection loans have helped small businesses cover expenses during the last year. But as restrictions are lifted and more people are opening back up, there's a newfound need in local businesses to get more credit access for long-term recovery.

In addition to more funding, ensuring recovery is equitable across all communities is essential to meet the needs of under-served areas. A new fund called "the Southern Opportunity And Resilience Fund," or SOAR, is launching at the end of the month.

To start, the fund will focus solely on southern states - including Texas. Their goal is to ensure black, Hispanic and Native American communities in the south are getting the help needed for their businesses.

The SOAR Fund is for small businesses and non-profits from Texas to Delaware with 50 or less full-time employees. Organizers behind the fund say if it works in the south, they could expand it to other areas of the country in the future.

So far, 13 community development financial institutions are participating int he fund to help process the loans - which are not forgivable like P-P-P loans.

SOAR loans are available at a low cost to business owners. To get on the list or find out more, you can visit their website, thesoarfund.org.