SoLo Funds is the outgrowth of co-founder and chairman Rodney Williams’ lived experience of a mother who regularly needed access to short-term cash to stay current with bills and to maintain household cohesion. Such loans were very limited and costly in his neighborhood. Rodney wanted to develop a community-based lending marketplace for small dollar amounts as an alternative to banks, high-interest credit cards, and predatory lenders that impose unfair, deceptive, or abusive terms on borrowers.
SoLo Funds operates a community peer-to-peer lending platform. The company announced 1 million registered users as of 2023, making it reportedly the largest black-owned financial technology company in the U.S. Let’s explore how Rodney and SoLo Funds are aggregating the power of community to change the game for short-term borrowers in lower-income neighborhoods.
Moving the Needle is hosted by Christopher Gergen & Johnathan Holifield, and is produced by Earfluence.
If you like our podcast, you'll also like our books:
- The Future Economy and Inclusive Competitiveness: How Demographic Trends and Innovation Can Create Economic Prosperity for All Americans, by Johnathan Holifield
- Life Entrepreneurs: Ordinary People Creating Extraordinary Lives, by Christopher Gergen and Gregg Vanourek
Thank you to our sponsors:
- Live Oak Bank is on a mission to be America's small business bank and has the privilege of helping thousands of passionate, driven entrepreneurs turn their dreams into reality. These small business owners aren’t in it for the fortune or the fame. They’re in it to make a difference, just like Live Oak.
- SHRM has created better workplaces by supporting diversity, equity and inclusion throughout the world of work and society. It’s why they developed the Together Forward@ Work initiative to drive racial inequity out of the workplace. It’s why SHRM made a capital commitment to support minority-owned business enterprises.
If you like our podcast, you'll also like our books:
- The Future Economy and Inclusive Competitiveness: How Demographic Trends and Innovation Can Create Economic Prosperity for All Americans, by Johnathan Holifield
- Life Entrepreneurs: Ordinary People Creating Extraordinary Lives, by Christopher Gergen and Gregg Vanourek
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