NEW YORK (Reuters) – Bank of America will provide a second round of funding to a veterans group that finances small businesses built by former military personnel, the lender said on Wednesday.
The second largest U.S. bank will lend $10 million toward a $25 million fundraising round for the Veteran Loan Fund, which aims to grow to $100 million nationwide by 2027.
The veterans group initially raised $15 million when it launched in 2021, with Bank of America investing $5 million of long-term capital below market rates.
The fund offers an online platform to connect military veterans and their spouses with lenders to help them build small businesses.
(Reporting by Saeed Azhar; Editing by Lananh Nguyen)