SoLo is a Black owned lending app that was formed in 2018 to create a viable, non-predatory option for moments when life happens. The Los Angeles based company is on a mission to help the millions of Americans that are experiencing financial hardship due to pandemic.
SoLo connects lenders and borrowers with access to loans under $1000.00 and allows borrowers to set their own terms and provide appreciation tips to lenders who agree to fund a loan.
SoLo also allows lenders to make loans based on personal preferences. You can filter the marketplace according to what factors are most important to your lending strategy e.g., payback date, borrower history, etc.
“Even before the pandemic, 70 percent of Americans were living paycheck to paycheck, and many didn’t have $400 in their savings account,” Travis Holoway, co-founder and CEO of SoLo Funds told Crunchbase News. “More than half of the country has been waiting on $600 for more than six months.”
The startup’s rapid growth (2,000% growth in 2020) has helped it raise $10 million to fuel expansion across the country. The latest round was led by ACME Capital, and includes Impact America Fund, Techstars, Endeavor Catalyst, CEAS Investments, and others.
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I have waited half my life to see my black brothers and sisters create our own wealth. Brilliant!!!
This is so inspiring! There are so many amazing black owned businesses and organizations to patronize! I am very proud of us all!
Challenged yet inspired not to quit. This month I was turned down from being accepted into A one-year entrepreneurship certification program. For four months, I poured my heart out prepping, planning, doing my research, wanting it badly. And then I realize no response and no communication meant I didn’t get in. It was hard to accept that I wasn’t communicating with, but after a while, you know how the games played.
I saw other programs that I thought would be able to help me, but they cost between five and $20,000, and I just don’t have that kind of money; of course, that would make my program work, but I would pay my mortgage down to the giving it to an app company or Branding company.
And then today another canceled meeting because they can’t see a path forward with helping me because there’s no money, and then I look and see African-Americans in this shop blacked out the US raising millions. They gave me a shot at a conference because I was sitting around for two hours moping that I just did not get excepted or able to find my vision. So I’m so glad that somebody is doing well