Southern Opportunity And Resilience (SOAR) Fund Insights
May 01, 2023
Download the 60 Decibels report on the impact of one of the recovery funds, the Southern Opportunity and Resilience (SOAR) Fund: 60_decibels report - SOAR Fund Insights
Calvert Impact, Community Reinvestment Fund, USA, and Community Development Financial Institutions (CDFIs) came together at the start of the pandemic to build recovery programs that expanded access to credit for un- and under-banked small businesses, including the Southern Opportunity and Resilience (SOAR) Fund. The SOAR Fund is a partnership of local and national community finance organizations created to address the capital needs of historically underbanked communities across the South and Southeast. Through 12 participating CDFIs across 16 states, the program provided flexible, affordable capital and free business support to small businesses and nonprofits.
60 Decibels, a leading impact evaluation firm, was engaged to evaluate the impact of expanding access to credit during periods of economic hardship by speaking directly with the small businesses that were affected by COVID. 60 Decibels studied how access to credit contributes to income creation and wealth building for entrepreneurs, particularly businesses owned by women and under-represented racial and ethnic groups.
By hearing directly from small business owners about their experience and outlook, banks, investors, and policymakers can be responsive and supportive in preserving businesses and jobs.
Download the 60_decibels report on the impact of the SOAR Fund, or read below: