Economic recovery loan program to assist 15 states.

A group of community finance organizations is raising $150 million in capital to help small businesses and nonprofits in 15 states, including South Carolina, struggling to navigate and recover from the COVID-19 crisis.

The Southern Opportunity and Resilience Fund will provide economic recovery loans designed to reach the smallest of small business and historically underbanked organizations which have struggled to access capital from traditional sources, according to a news release. The fund will cover Alabama, Arkansas, Delaware, Florida, Georgia, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia and the District of Columbia.

"The COVID-19 pandemic has exacerbated an already uneven recovery from the Great Recession," George Ashton, managing director at Local Initiatives Support Corp., which manages the fund, said in a news release. "Southern states had slower economic growth, lower labor force participation, and higher unemployment than the rest of the country, partially driven by the historic lack of corporate and philanthropic investment in the region. The SOAR Fund, with support from leading banks, foundations, and corporations, will tackle these issues head-on by addressing structural barriers to economic opportunity by providing capital to Southern small businesses and nonprofits that need it now."

The application portal, scheduled to open in April, will offer flexible loans of up to $100,000 to small businesses and nonprofits with fewer than 50 full-time employees. The fund replicates similar models in New York and California by working with and through local Community Development Financial Institutions.

Interested small business owners and nonprofits can review program eligibility and product terms and indicate interest atwww.TheSoarFund.org. Once the application portal launches, eligible applicants will be matched with a participating lender that will assist the business owner with the application and provide advisory support.

Catalytic initial grants and loans are being provided by Capital One, Microsoft, the F.B. Heron Foundation, Fidelity Charitable with support from CapShift, the Heifer Foundation, Mercy Investment Services...