Small business owners and nonprofits across Tennessee can begin applying for low-interest loans of up to $100,000 and free business support through the Southern Opportunity and Resilience (SOAR) Fund.
The SOAR Fund is a program created by a diverse group of community lenders aimed at helping small businesses and nonprofits rebuild from the COVID-19 health and economic crisis.
The SOAR Fund is launching with more than $50 million in initial commitments and aims to eventually lend $150 million or more to small businesses and nonprofits with fewer than 50 employees in 15 southern and southeastern states, including Tennessee.
The loans are designed to reach very small businesses, businesses in rural areas and businesses owned by women, people of color and immigrants.
Eligible applicants will be matched with a participating lender that will assist the business owner with the application and provide advisory support. Applicants will be able to sign up online and get matched to a lender.
For more information and to apply, go to www.TheSoarFund.org.