Bank of America provided $10 million as an additional funding round for the Veteran Loan Fund, doubling its existing two-year commitment, which has funded more than 500 small businesses and retained more than 3,000 jobs so far, according to a press release.
The Veteran Loan Fund provides capital and assistance to veteran entrepreneurs along with a platform to help them build and sustain their businesses. Bank of America provided $15 million in its first funding round last year to the organization.
«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,» Dan Letendre, head of CDFI Lending at Bank of America, said in the release.