Pioneering Fund aims to grow to $100 million for Former Military Personnel
NEW YORK, NY – Bank of America is seeding a second round of financing for Veteran Loan Fund,
doubling a two-year-old commitment that has already funded more than 500 small businesses
built by former military personnel that have created or retained more than 3,000 jobs across 37
states. The fund’s first $15 million round, closed in 2022, was deployed in less than 12 months.
The Veteran Loan Fund is a national collaborative of a growing number of Community
Development Financial Institutions (CDFIs) and specialized veteran service organizations
providing responsible capital and technical assistance to underserved veteran entrepreneurs.
The fund offers an online platform that connects military veterans and their spouses with
mission-focused lenders and education partners to help them build and sustain small
businesses. Eligible veterans benefit from below market rate funding and free business
coaching.
“Many veterans have the drive, discipline and leadership skills to fuel small business growth but
lack the funding or network to help them grow. We have seen the benefits of low-cost capital in
catalyzing entrepreneurship and are pleased to continue to support this work,” said Dan
Letendre, head of CFDI Lending at Bank of America.
“Access to responsible capital is a key issue for military veteran entrepreneurs,” says Grant
Bennett, Director of Veteran Programs and Operating Manager of the Veteran Loan Fund. “Now
is the time to scale our impact within the veteran business community. We can only do this
through the work of our CDFI partners and support of organizations like Bank of America.”
The Veteran Loan Fund plans to grow to $100 million across the nation by 2027, an amount
equal to the estimated annual demand for capital from veteran entrepreneurs who lack any
funding for their businesses. Its first $15 million round, fully deployed in less than 12 months,
was made possible by a $5 million commitment of long-term, below market rate lending capital
from Bank of America as lead investor in 2021, along with support from other major
institutions. In this round, Bank of America will provide $10 million in support of the new $25
million fund.
Bank of America is the largest investor in CDFIs, with $2 billion in financing to more than 260
CDFIs across all 50 U.S. states and the District of Columbia.
Veteran Loan Fund
Member CDFIs currently include: Access to Capital For Entrepreneurs (GA), Appalachian
Community Capital (VA), Black Business Investment Fund (FL), Business Impact Northwest (WA),
Colorado Enterprise Fund (CO), Dream Spring (NM), Economic and Community Development
Institute (OH), Pathway Lending (TN), Justine Petersen (MO), PeopleFund (TX), Pursuit (NY), and
Wisconsin Women’s Business Initiative Corporation (WI).
Specialized technical assistance partners include: Bunker Labs, Vet Met, Vet to CEO, as well as
local partnerships with Veteran Business Outreach Centers, SCORE and SBDCs.
For more information, please visit https://www.veteranloanfund.com
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual
consumers, small and middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk management products and
services. The company provides unmatched convenience in the United States, serving
approximately 69 million consumer and small business clients with approximately 3,900 retail
financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning
digital banking with approximately 57 million verified digital users. Bank of America is a global
leader in wealth management, corporate and investment banking and trading across a broad
range of asset classes, serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to approximately 4 million small
business households through a suite of innovative, easy-to-use online products and services.
The company serves clients through operations across the United States, its territories and
more than 35 countries. Bank of America Corporation stock is listed on the New York Stock
Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and
other important information, visit the Bank of America newsroom and register for news email
alerts.
Reporters may contact:
Susan Atran, Bank of America
Phone: 1.646.599.3300
susan.atran@bofa.com
Jenny Palecek, PeopleFund
Phone: 1.512.222.1005
JPalecek@peoplefund.org
