Jan 11, 2022 – With new surges in COVID-19 hitting the Lone Star State, everyone can’t help but be concerned about the survival of the mom and pop businesses.

The newly adapted Omicron variant came with force causing a boost in infections and hospitalizations.

Rising COVID stats and promises from President Joe Biden and the numerous governors and mayors vowing to avoid another shut down, we can only have high hopes they stay afloat.

The SOAR (Southern Opportunity and Resilience) fund is helping small businesses and non profits repair from the ongoing damage caused by COVID-19.

A small business in Houston, known as GFN Hippy, owned by Chandon Gordon coordinates housing for traveling nurses. When the need for housing plundered them into a panic, Gordon was able to get furnishings and still lease housing for the nurses with a low-interest SOAR fund loan after being denied credit from more traditional offices.

minimum requirement for a business or non-profit:

  • The business or non-profit must employ 50 or fewer full-time equivalent (FTE) employees
  • The business or non-profit must have suffered a direct economic disruption as a result of COVID-19 in a way that has materially impacted operations
  • The business or non-profit must have been in operation since at least September 2019, unless the business is a for-profit business and meets one of the following additional criteria:
    • The business can demonstrate three or more years of operating experience in the industry through previous ownership or management; or
    • The business has previously borrowed from the community lender and has had no repayment issues

The lender will collect financial information:

  • The business or non-profit’s (or its guarantor) ability to pay back the loan in full
  • The ability to make debt payments from revenues
  • The business or non-profit’s (or its guarantor) history of bankruptcy, delinquency, foreclosure or repossession
  • Whether there are any outstanding tax liens or judgments against the business or non-profit, and/or its guarantor(s) or beneficial owner(s)

In order to be able to get the SOAR fund loan, A small business must meet the minimum criteria from the list above. You should be aware that there will be a pre-application process and it should be submitted by the owner or its beneficial owners or guarantors. Although this is aimed to help businesses some actually are not eligible like strip clubs or pawn shops.

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