Pioneering Fund to Grow to $100 million for Former Military Personnel
Atlanta, Georgia – ACE | Access to Capital for Entrepreneurs is one of 12 Community Development Financial Institutions (CDFIs) announcing the expansion of the Veteran Loan Fund, with Bank of America as the lead capital investor. 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 across 37 states.
ACE is a Georgia 501(c)(3) nonprofit and community development financial institution (CDFI) that provides capital, coaching, and connections to help borrowers create and grow sustainable businesses that generate jobs. As a CDFI, ACE works to decrease the gender and racial wealth gaps, particularly for African American and Latinx communities.
“As a veteran of the United States Navy, I am proud that ACE is a part of this collaborative effort to help veterans gain access to capital and much-needed resources,” said Ray Pennie, Chief of Business Advisory Services for ACE. “This fund is a prime example of the positive impact that CDFIs, banks, foundations, community partners, corporations and individuals can accomplish when working together. ACE’s longstanding partnership with the Veteran Loan Fund and the funding provided by Bank of America are supporting our servicemen and women.”
Yolanda Neals is a Black female veteran who was once homeless. She created the Kindred Healing Center as a one-stop shop for integrative holistic comprehensive healthcare. Her Center consists of 14 providers who are licensed and/or certified African American holistic practitioners who predominantly address health issues within the Black community. In early 2023, Neals sought to add a retail component to expand the business. The loan she received from ACE helped with marketing, contributing to increased staffing that helped Kindred Health Center expand reach, income and opportunities.
Read full media release HERE
Read Bank of America media release HERE
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