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JUNE 2021 ISSUE 103
Small Businesses and Nonprofits Impacted by Covid Can Now Apply for Support from Multi-Million Dollar Fund
Small business owners and nonprofits across the South can begin applying today for very low interest loans of up to $100,000 and free business support Distribution/Circulation through the Southern Opportunity and Resilience (SOAR) 15,000 distributed monthly Available FREE at numerous locations Fund—a new program created by a diverse group of commuin nity lenders aimed at helping Mercedes Edcouch small businesses and nonprofits Weslaco Elsa navigate and rebuild from the Donna La Villa Covid-19 health and economic Alamo Monte Alto crisis. La Blanca Santa Rosa San Carlos Progreso The SOAR Fund is launching with more than $50 million in initial commitments —provided by philanthropic, private and corporate investors—and aims to eventually lend $150 million or more to small businesses www.thecommunitypress.org and nonprofits with fewer than 50 employees in 15 southern
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and southeastern states. The loans are designed to reach the smallest of small businesses and those that have been historically underbanked, including those in rural areas and those owned by women, people of color, and immigrants. These businesses often struggle to access capital from traditional sources but are critical to providing jobs and supporting economic recovery in communities across the South. The Fund works with and through local Community Development Financial Institutions (CDFIs), which have been serving the types of un-and underinvested businesses the SOAR Fund aims to help for decades. “The Covid-19 pandemic exacerbated an already uneven recovery
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from the Great Recession. 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,” said George Ashton, managing director at Local Initiatives Support Corporation (LISC), which manages the Fund. “The SOAR Fund 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.” Eligible applicants will be matched with a participating lender that will assist the business owner with the application and provide advisory support. See APPLY pg.10
5 Life Lessons I Learned from My Father there. College is the perfect place to practice this. Whether inside or outside of class, I’m always looking for learning moments, and I welcome new experiences.”
on, the benefits will follow you throughout your life and career.
Madison is right (of course). Taking a risk will have one of two outcomes: The situation will work out positively or it won’t. Either way, you’ll learn something. It’s true for everyone from students to leaders; learning should never end.
“When I showed up to college for my freshman year, I saw frantic students everywhere, trying to manage all of their newfound responsibility. I must have stood out, because I wasn’t really sweating the small stuff. I felt mentally prepared, and that made a huge difference.
2. Stick to your goals. My oldest daughter Madison was excited to be interviewed for this article because, as she so bluntly put it, she’s had “a very unusual upbringing.”
choice? Here’s some of the advice that still rings true for Madison today, and could apply for your life and business as well.
You see, she was raised by a coach (me)—a dad who spent many professional hours working with CEOs and entrepreneurs learning how to be better leaders and how to make their businesses run more efficiently. Naturally, some of those lessons and discussions made their way to the dinner table from time to time.
1. Prepare for each moment to be a learning moment.
Fast-forward to present day. Madison is in college, majoring in theatre performance. Some might say it’s a far cry from the world of business, but could the business lessons we adapted for home throughout her childhood apply to her current career
“Growing up, Dad taught my sister and me that, to be adaptable and successful, we had to be prepared for learning moments, which might not always be comfortable. Success never comes without taking risks, and there will always be surprises along the way. Dad taught me to use every experience in my life as a foundational moment—not to be stopped by adversity, to look for and learn from the lessons from any situation and build from
“From my early teenage years, Dad encouraged me to set goals, whether it was something as simple as picking up a hobby, trying a new sport or learning a new skill. Setting measurable goals didn’t have to be rigorous, they just had to be things that were important to us and could be achieved. “To this day, I still keep a list of goals. Although I’m not quite as organized as I would like to be—classes and social plans often bump me slightly off track—I still make it a priority to outline the steps necessary to reach my goals and watch how I’m progressing.” The goals you set in life shouldn’t be too lofty. They should be attainable, actionable and forward-looking. Everyone gets sidetracked, but if you learn the value of proper goal-setting early
3. Preparation is the key to lower stress.
“I’m almost through my first year, and I still feel prepared, because I had all the goal-setting, money and time-management skills established before I left home. And, yes, I will admit to Dad (and the world) that it’s due in part to the skills I learned growing up.” Naturally, hearing that makes a dad proud. Priority management in particular is something that many people in business—even company leaders—still have not mastered. The earlier you learn it and practice it, the better.
4. Give people your support, but give practical and real advice at the same time.
See LESSONS pg.8
