SoLo Funds leverages innovative community finance marketplace to launch a new initiative that enables corporations, nonprofits and local governments to increase access to emergency capital in local communities
SoLo Funds, a leading community finance platform providing equitable access to capital, announced a new initiative to amplify the reach of its emergency loan marketplace. Amplify Fund is a new SoLo-led initiative that enables corporations, nonprofits and local governments to create equitable access to emergency capital and track the impact.
Millions of Americans are in financial deserts and could benefit from new strategies for improving economic mobility. Amplify Fund engages partners to jointly affect change in their communities and solve the challenge of getting capital directly to individuals in need. The program leverages the collective power of local and national businesses, nonprofits and local governments to accelerate SoLo’s goal to improve the financial wellbeing of communities that have faced generational challenges.
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Amplify Fund is a people-based approach to financial health that overcomes place-based strategy limitations by using technology to reach those in need and transcend geographic boundaries. At the same time, Amplify Fund will track impact at the community level to bring greater transparency to key indicators of financial equity, including access to capital in underserved zip codes.
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“The strength of SoLo’s community lending marketplace lies in getting capital to the people and communities that need it most,” said Rodney Williams, Co-Founder of SoLo Funds. “We’re proud to launch Amplify Fund and partner with organizations who are committed to building financial autonomy and measuring the impact of those efforts in their communities.”
Amplify Fund is launching with its first partner, a Fortune 100 company, and plans to expand participation following a pilot period. Participating partners will see how contributions impact the very people they aim to help. Amplify Fund is to be deployed in multiple cities in the United States, with partners and cities to be announced at a later date.
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