In a show of continued support for veterans and their entrepreneurial pursuits, Bank of America has announced a second round of funding for the Veteran Loan Fund. The second-largest U.S. bank is contributing $10 million to a $25 million fundraising effort, with the ultimate goal of expanding the fund to $100 million nationwide by 2027.
The Veteran Loan Fund, initiated in 2021, initially secured $15 million in funding, with Bank of America playing a pivotal role by investing $5 million of long-term capital at below-market rates. This new injection of funds is set to further empower military veterans and their spouses in establishing and growing small businesses.
The fund operates through an online platform, acting as a bridge between military veterans and lenders. This connection not only facilitates financial support but also provides a network for veterans to explore entrepreneurial opportunities. Bank of America’s commitment to this initiative underscores its dedication to fostering veteran entrepreneurship and strengthening the small business landscape.