Download Now
April 9, 2024

SoLo Partners With Beloved Community Services To Offer Financial Literacy Courses For Baltimore Residents

Advocates Join Forces to Empower And Bring Long-Lasting Economic Prosperity To Local Communities  

Baltimore, MD, April 24, 2024SoLo Funds, the largest community finance platform in the U.S., is proud to announce its strategic partnership with Dr. Al Hathaway’s Beloved Community Services that will provide in-person financial literacy courses for Baltimore residents. This philanthropic collaboration will not only elevate the local community by aiming to reduce financial disparities, but will also address a core problem faced by millions in the city who are feeling the effects of the worst generational wealth gap the country has ever seen. SoLo and Beloved Community Services are committed to driving positive impact, and uplifting Baltimore communities with the tools and informational resources they need to thrive where consumers in the market have been overlooked by legacy financial services. The courses will be held at the newly launched Justice Thurgood Marshall Amenity Center at P.S. 103

SoLo couldn’t be more excited to work alongside Beloved Community Services on this critical initiative. Beloved Community Services has for decades provided local programming that’s centered on bridging the digital divide, reducing health disparities, and enhancing education while generating employment opportunities. Led by Hathaway, who grew up in the Upton/Druid Heights neighborhood, his company is working to bring back the affluent Black community that once was, and revive the area’s rich history by restoring what was formerly the Henry Highland Garnet School to what is now the Justice Thurgood Marshall Amenity Center at P.S. 103. This location will serve as a foundation for in-person financial literacy courses, along with deploying outreach to barbershops and hair salons across the city. 

“Knowledge is power,” Dr. Al Hathaway, President and CEO of the Beloved Community Services, said. “The residents of the city of Baltimore deserve this and we are thrilled to collaborate with the nation’s largest Black-owned personal finance company that millions of consumers turn to for emergency loans when in need and returns when they can pay it forward. These courses adhere to our goals of enriching the community through education that will advance and move things in the right direction.”  

SoLo’s co-founder, Rodney Williams is a Baltimore native whose experiences growing up are all too common for local households, who are in need of access to short term loans where in most cases they had to go without basic needs. SoLo was created with Rodney’s best friend, Travis Holoway where they designed a solution that is providing democratized short-term access to capital and returns at a scale that has never before been achieved. SoLo enables its members to borrow and lend to and from each other. Its lending members make returns via tips while its borrowing members gain transparent access to emergency loans at significantly less cost than the dominant market provider – subprime credit cards. Founded in 2018, SoLo has surpassed market expectations by addressing a clearly unmet financial need for Americans. The app has successfully delivered a solution that is more affordable, transparent and equitable than much larger financial institutions. 

“There are a lot of parallels between our work at SoLo and the values that Beloved Community Services prioritizes, ” said Travis Holoway of SoLo Funds. “We are eager to kick this off, and drive financial change in the Baltimore community for those we represent to better navigate and understand their personal finances in order to make more informed decisions.”

For more information on this partnership and financial literacy courses please visit xx

###

About Beloved Communities 

Beloved Community Services Corporation was founded in 2008. Our mission is “culturally sensitive and culturally relevant community economic development.” Our target areas are zip codes 21217 and 21201. From its early beginnings Beloved Community Services Corporation

has grown to over $30 million dollars in assets and a pending $25 million dollars in acquisitions within a five-block radius within the largest historic African American district in America.

Included in its assets are Justice Thurgood Marshall Center, Juanita Jackson Mitchell Law Center, the single-family homes of Clarence and Juanita Mitchell and John Murphy Sr. and Carl

Murphy Jr, Chernock Storage Facility and Douglas Memorial Village Apartments. Programs and initiatives supported by Beloved Community Services Corporation include Robotics Clubs, Girls Who Code, and WJZ-TV13 Justice Thurgood Marshall Mixed Media Contest, STEM City USA (www.stemcityusa.com), and an endowed Thurgood Marshall Lecture Series. www.belovedcorp.com 

About SoLo Funds

SoLo is the leading community finance platform focused on middle class communities. Members borrow on their own terms, and lend to make a return or a social impact powered by its industry leading financial technology model. As the only Black-owned fintech Certified B Corp in the U.S. and Canada, SoLo has emerged as the new financial services leader on pace to deliver $1B back into underserved communities by Q1 ‘24. The traditional financial system has failed our communities, excluding them from returns and access to short term loans. SoLo created something different, something more human. They went back to the basics, creating a community where people could support each other financially. SoLo calls this community finance. 

Media contact

Brennan Nevada Johnson
Brennan@brennannevadainc.com