Accessing Business Loans

3 in 5 respondents we spoke with are borrowing money for their business for the first time with the SOAR Fund loan.

We wanted to understand the capital landscape of small business owners across the South and Southeast United States by asking if they had ever borrowed money for their business.

BIPOC loan recipients are less likely (38%) to have borrowed money previously compared to non-BIPOC loan recipients (69%). Florida and North Carolina are the states with higher percentages of loan recipients that haven’t borrowed money for their business before applying to the SOAR Fund loan, 66% and 58% respectively. Florida is also the state with the highest rate of BIPOC loan recipients that have not borrowed money for their business before.

Business Loan

Q: Have you ever borrowed money for your business before applying for this loan? (n = 273*, 214 BIPOC, 32 Non-BIPOC)

*Note: Overall n value includes both BIPOC and Non-BIPOC respondents, as well as those who did not disclose their race.