OneSpartanburg, Inc. issued the following announcement on July 21.
The City of Spartanburg and OneSpartanburg, Inc. have partnered to connect Spartanburg businesses to SOAR Fund money.
The Southern Opportunity and Resilience (SOAR) Fund was launched to provide flexible, affordable capital and business support services to small businesses and nonprofit organizations across the region to help them rebuild after COVID-19.
Applications are open now for the low-interest loans of up to $100,000 through the SOAR Fund, created by a diverse group of community lenders aiming to help small businesses and nonprofits rebuild.
What is a SOAR Fund grant?
- SOAR Fund grants are loans of up to $100,000 in business support money for established small businesses and nonprofit groups that could use the funds to grow, expand or continue their operations.
Small businesses and nonprofits, located in the City and County of Spartanburg, that have:
- Fewer than 50 employees
- Operated since at least Sept. 2019
- Had no repayment issues
- Suffered direct economic disruption due to COVID-19
How to Apply
Visit www.thesoarfund.org, and click “apply now.”
Fill out a pre-application to determine business eligibility. Once filled out, you’ll be connected with a local community lender who will ask for a series of documents related to your organization.
Note: the lender may require additional documentation to underwrite and submit SOAR Fund applications.
“The pool of money available through the SOAR Fund can be allocated in larger loan amounts, meaning this pool of funds will not only help Spartanburg businesses and nonprofits recover from the pandemic, but will help them scale up and grow their operations. The SOAR Fund offers Spartanburg organizations a major step forward as our community positions itself for future success.” – OneSpartanburg, Inc. President and CEO Allen Smith.
Original source can be found here.
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