Bank of America will lend $10 million to veteran business fund

Nov 8, 2023

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)


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