BBIF to Provide Small Businesses Access to the Southern Opportunity and Resilience (SOAR) Fund

BBIF is excited to be a participating lender for the Southern Opportunity and Resilience (SOAR) Fund, a new program designed to provide small businesses and nonprofits across the South with access to affordable capital and essential business support during a critical time. Through the SOAR Fund, BBIF will continue its mission to expand financial opportunities for small local businesses.

The SOAR Fund, which will launch after the federal Paycheck Protection Program closes, will offer loans of up to $100,000 to eligible small businesses and nonprofits with fewer than 50 full-time employees.

Small business owners and nonprofits who need support can visit the website and pre-register. Access the full press release to learn more.

About BBIF

Created in 1987, BBIF provides loan capital, financial technical assistance, and business development services to support business owners. As a mission-driven lender, BBIF helps businesses grow by offering capital solutions and specialized guidance tailored to their needs. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury CDFI Fund. The organization is also a Community Advantage and Micro Loan lender certified by the U.S. Small Business Administration, a Money Smart for Small Business collaborator with the Federal Deposit Insurance Corporation (FDIC), and holds an AERIS rating of triple star, A.

Since its inception, BBIF has provided over 1,185 loans totaling $103.6 million and received over $200MM in New Markets Tax Credit (NMTC)  awards, for a leveraged impact of over $625 million in NMTC investments. These efforts have created/retained over 15,000 jobs, while maintaining a historical loan loss rate of 4.08%. Learn more at www.BBIF.com.

About the SOAR Fund The Southern Opportunity and Resilience Fund (SOAR) provides access to flexible, affordable capital and free business support services to small businesses and nonprofits through trusted community-based organizations. These organizations have decades of experience supporting historically under-resourced small businesses, including those in low-income and rural communities and owned by women and people of color.

SOAR is a collaborative partnership of local and national community finance organizations created to address the needs of historically disenfranchised communities as they navigate and rebuild from the COVID-19 crisis. SOAR includes leaders from across sectors including local community lenders, national and state-based nonprofit organizations, corporations, philanthropic donors, and investors – all who are passionate about an equitable recovery across the region. ###