Small Virginia Businesses Eligible for Up to $ 100,000 in New Low Interest Loans Virginia
(The Center Square) – Small businesses and nonprofits in Virginia will be eligible for up to $ 100,000 in low-interest loans through a new program designed to help them recover from related financial losses the COVID-19 pandemic and subsequent government restrictions.
The Southern Opportunity and Resilience program, abbreviated SOAR, was created by community lenders. The money is provided by philanthropic, private and corporate investors.
Businesses and nonprofits will be eligible if they have fewer than 50 employees. The program is launched with $ 50 million in initial commitments, but the coalition intends to eventually lend $ 150 million or more. Entities from 15 southern states will be eligible for the loans.
“The loans are designed to reach smaller businesses and those that have been historically underfunded, including those in rural areas and those owned by women, people of color and immigrants,” the press release said. “These businesses often struggle to access capital from traditional sources, but they are essential for creating jobs and supporting economic recovery in southern communities.”
Funding will flow through local community development financial institutions. When an eligible entity submits its application, the business owner will be matched with a participating lender who will provide advisory support. An owner can apply online and will be matched within five minutes.
“We encourage all small businesses and non-profit organizations that have been affected by [COVID-19] pandemic and need a helping hand with reconstruction to apply now, ”said Patrick Davis, vice president of strategy and program development at the Community Reinvestment Fund, in a statement. His organization will host the online platform.
“This is affordable capital that can help small business owners and nonprofits hang on and rebuild themselves, which is vitally important to all of us,” Davis said. “Nonprofits provide essential services and support to our communities, and small businesses create jobs and provide valuable economic activity. Small businesses and nonprofits in the south will lead to a strong economic recovery for communities in the south.
Funding covers the following states: Alabama, Arkansas, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia and the District of Columbia.