Investing in the South’s Small Businesses and Community Nonprofits
The Southern Opportunity And Resilience (SOAR) Fund provides flexible, affordable capital and free business support services to small businesses and nonprofits across the south and southeast to help them navigate and rebuild from the Covid-19 economic crisis.
The goal of the fund is to support as many small businesses and nonprofits as possible, but not all organizations will be matched with a participating community lender based on each lender’s initial criteria. If matched, choose NDC!
Starting in late April 2021, loans of up to $100,000 will be available for small businesses and nonprofits with 50 or fewer full-time employees in the following states: Alabama, Arkansas, Delaware, Florida, Georgia, Louisana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.
Qualifying small businesses and nonprofit organizations can get loans up to three months of pre-Covid revenue, with a maximum loan size of $100,000.
The loans will need to be paid back over a 5- or 6-year term with a fixed annual interest rate of 4.0 – 4.5% for businesses and 3.0 – 3.5% for nonprofits. The first twelve months of payments will be interest-only, with fixed monthly payments thereafter.
Please note, this program is not associated with the federal Paycheck Protection Program (PPP) or any other Small Business Administration program. The loans are not forgivable in part or whole.
NDC has been lending to small businesses for more than thirty years. We strongly encourage women and minority businesses to apply.
If you are matched with NDC, choose NDC!
Special thanks to our funder Wells Fargo.