MILWAUKEE, WI – The Wisconsin Women’s Business Initiative Corporation (WWBIC) is honored to be one of twelve 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.
The Veteran Loan Fund, a collaborative effort of a growing number of CDFIs and specialized veteran service organizations, offers an online platform that connects military veterans and their spouses with mission-focused lenders and education partners to help them build and sustain small businesses. Eligible veterans benefit from loan capital at below market interest rates and free business coaching.
“For several years, WWBIC has been privileged to provide business development services to veterans as the Veterans Business Outreach Center for Wisconsin, Illinois and Minnesota,” says WWBIC President and Chief Visionary Officer Wendy K. Baumann. “So when we had the opportunity to work with Bank of America and other CDFIs on the Veteran Loan Fund, it was the perfect fit for us. We’re excited that this fund will allow us to provide even more financing and technical assistance to veteran entrepreneurs.”
Veteran Loan Fund loan recipients in Wisconsin are complemented by the services of the Veterans Business Outreach Center (VBOC) at WWBIC. VBOC is designed to provide entrepreneurial development services such as business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard & Reserve members, and military spouses interested in starting or growing a small business. VBOC is funded in part by a cooperative agreement with the U.S. Small Business Administration. For more information on VBOC@WWBIC, go to wwbic.com/veterans, email vboc@wwbic.com or call (414) 395-4556.
“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,” said Dan Letendre, head of CFDI Lending at Bank of America.
“Access to responsible capital is a key issue for military veteran entrepreneurs,” says Grant Bennett, Director of Veteran Programs and Operating Manager of the Veteran Loan Fund. “Now is the time to scale our impact within the veteran business community. We can only do this through the work of our CDFI partners and support of organizations like Bank of America.”
The Veteran Loan Fund plans to grow to $100 million across the nation by 2027, an amount equal to the estimated annual demand for capital from veteran entrepreneurs who lack any funding for their businesses. Its first $15 million round, fully deployed in less than 12 months, was made possible by a $5 million commitment of long-term, below market rate lending capital from Bank of America as lead investor in 2021, along with support from other major institutions. In this round, Bank of America will provide $10 million in support of the new $25 million fund.
Bank of America is the largest investor in CDFIs, with $2 billion in financing to more than 260 CDFIs across all 50 U.S. states and the District of Columbia.
For more information on the Veteran Loan Fund, please visit veteranloanfund.com. For details on applying locally for a loan through the Veteran Loan Fund, go to wwbic.com/loans or contact WWBIC Director of Lending Michael Hetzel.
