COVID relief: New low-interest loan program available
Here is another resource for small businesses on the road to pandemic recovery.
Small businesses and nonprofits with fewer than 50 empoyees in Florida can apply to the recently launched Southern Opportunity and Resilience Fund for the lesser of $100,000 or 100% of their revenue for any three-month period during 2019 or the first quarter of 2020.
The SOAR Fund launched with more than $50 million in initial commitments, with the goal of lending at least $150 million in Florida, Alabama, Arkansas, Delaware, Georgia, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia and the District of Columbia.
The loan program prioritizes historically underfunded groups, such as women, people of color and immigrants, who often struggle to access capital from traditional sources.
Interest rate: Interest on a five-year loan is 4% for for-profit businesses and 3% for nonprofits. For a six-year loan, it’s 4.5% and 3.5%, respectively.
Eligibility: The business or nonprofit must have been in operation since at least September 2019 to be eligible.
Not eligible: corporate-owned franchises, branch banks, payday loan stores, astrology or palm reading businesses, adult bookstores, strip clubs or track wagering facilities.
To apply or find out more: www.thesoarfund.org.