Bank of America has recently announced a $20 million Veteran Entrepreneur Lending Program to connect U.S. military veteran business owners with affordable capital to help kick-start and grow their businesses.
“Helping our veterans translate their skills and become entrepreneurs driving the U.S. economy is one of the ways Bank of America is thanking them for their service,” said Chief Executive Officer Brian Moynihan.
Loans will be administered through participating community development financial institutions (CDFIs) – nonprofit institutions with expertise in lending to small businesses and an understanding of local circumstances, including economic development and job creation opportunities. These loans are NOT OFFERED BY BANK OF AMERICA DIRECTLY.
The following five CDFIs currently administer the program:
Prior to receiving a loan, borrowers will participate in a two-month training program led by learning partners – IVMF at Syracuse University, Veterans Entrepreneurship Program at Oklahoma State University, and VETToCEO – offering technical assistance and other resources to help borrowers stay on a path of success and grow their businesses.
If you are an alumni of VETToCEO's Entrepreneurship for Transitioning Warriors program and do not live in one of the States listed above, we will assist you in connecting with a CDFI that can help you.
Here is a short video that describes CDFIs, their role in our community in supporting small businesses, and how they are funded by banks like Bank of America.