LOS ANGELES, Nov. 19, 2021 /PRNewswire/ -- SoLo Funds ("SoLo"), an innovative capital marketplace for emergency loans today announced the launch of SoLo Causes, its corporate philanthropic initiative. Currently, SoLo members have the option to contribute a SoLo donation when requesting a loan, which helps offset the cost of SoLo's operations. Through SoLo Causes, the company will contribute a percentage of that revenue to its nonprofit partners. This effort is part of SoLo's mission to redistribute 100% of its members' voluntary SoLo donation revenue to nonprofits by 2023. Habitat for Humanity International and United Way are SoLo Causes first two nonprofit partners.
The community-based capital marketplace was founded to create a platform that provides the opportunity for financial autonomy for all. In fact, 82% of SoLo members live in underserved communities. Now, with the launch of SoLo Causes, the company is differentiating itself from traditional financial platforms as SoLo's over 300,000 users have a say in how SoLo's revenues impact communities. With SoLo Causes, SoLo is extending its impact by committing dollars to organizations making meaningful change for its community.
"Doing good, being purpose driven, and serving our members are vital portions of our DNA," said Rodney Williams, co-Founder and CEO of SoLo Funds. "As we set an example for innovative financial service models, we are excited to announce this initiative as we support organizations that serve our communities."
Habitat for Humanity has helped over 39 million people since its inception in 1976. The partnership with SoLo Causes will support Habitat's mission to help people gain access to safe, decent and affordable housing. Additionally, as one of the world's largest nonprofit organizations, United Way pairs global reach with local impact to make life better for 48 million people annually. United Way is working to build stronger, more equitable communities where everyone can thrive, a commitment that SoLo also shares. In communities that are often forgotten and struggle to make ends meet, SoLo Causes is committed to bridging the need for years to come.
About SoLo Funds
SoLo is an innovative community where its members supply and have flexible access to capital. Driven to provide access for all, SoLo provides an alternative to access capital that is simple, empowering and community driven. Today the company is focused on evolving its impact across its members but grounded in the same hope and mission: to build a community that enables financial autonomy for all. To learn more about SoLo Funds, visit www.solofunds.com
SOURCE SoLo Funds