The fund supporting Veteran-Owned Small Businesses does it again
ATLANTA, Georgia, November 11, 2024 – The Veteran Loan Fund (VLF) announced that since its launch in 2021, its members have deployed more than $77 million across the country, helping over 1,000 veteran-owned businesses create or retain close to 5,500 jobs. More than 50% of the business owners receiving financial and technical assistance were people of color, close to 50% low or moderate income and over 30% women. These impressive statistics show the importance of the work that this group of CDFIs and their technical assistance partners do, serving those who serve all of us.
The fund is also announcing the successful closing of its second round of funding. The round was sized down to $15 million to meet the increasing demand of loan capital from veteran entrepreneurs while more nimble adapting to changing interest rates in the market. The group expects this round to be fully deployed by the end of the year, at which time they will announce the third round of funding.
“We are very proud that ACE continues to be a part of this collaborative effort to help veteran business owners gain access to capital and the support they need,” said Ray Pennie, Chief of Business Advisory Services for ACE | Access to Capital for Entrepreneurs, a Georgia-based CDFI and member of VLF. “ACE’s longstanding partnership with the Veteran Loan Fund and the funding provided by Bank of America lays the foundation for the positive impact that CDFIs, banks, foundations, community partners, corporations and individuals can accomplish when working together.”
ACE Veteran Loans are designed to help early-stage veteran entrepreneurs start or grow their business. Participants in this program can also access free technical assistance (specialized business coaching and education) tailored to their needs whether or not they receive financial assistance. Veterans interested in participating in this program can complete a simple online assessment at www.veteranloanfund.com or www.aceloans.org.
Read full media release HERE
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