BBIF Joins 11 CDFIs to Launch Veteran Loan Fund, Backed by Bank of America.

BBIF is honored to be one of twelve financial Institutions announcing the creation of the Veteran Loan Fund, with Bank of America as the lead capital investor.

The Veteran Loan Fund is designed to address financial and business training challenges that many veterans encounter when starting or growing a small business. This fund includes a network of veteran service organizations offering technical assistance and formal business coaching, along with a group of twelve specialized capital providers. Eligible veterans benefit from free business coaching and loans with interest rates of 10% or less.

“The Veteran Loan Fund will allow BBIF to continue providing access to flexible and affordable capital along with business support for veteran entrepreneurs. We look forward to expanding our commitment to veterans who have contributed greatly to our country, helping them pursue their business goals.” Duane Lewis COO of BBIF

Studies show that veterans transitioning to civilian life often seek opportunities in entrepreneurship but may face difficulties in securing capital, receiving formal business training, and building a strong network. The Veteran Collaborative, now rebranded as the Veteran Loan Fund, was established in 2017 to bring together best practices for engaging and assisting veteran entrepreneurs.

“The flow of capital plays a key role in opening doors for veterans,” said Dan Letendre, CDFI Lending and Investing executive at Bank of America. “By investing in the Veteran Loan Fund, we can help unlock potential among veteran entrepreneurs, driving innovation, creating jobs, and building long-term economic success in communities.”

Specialized technical assistance partners include Bunker Labs, Vet Met, Vet to CEO, as well as local partnerships with Veteran Business Outreach Centers, SCORE, and SBDCs. The full list of member CDFIs in this nationwide initiative includes Access to Capital For Entrepreneurs (GA), BBIF (FL), Business Impact Northwest (WA, OR), Colorado Enterprise Fund (CO), Dream Spring (NM), ECDI (OH), Pathway Lending (TN, AL, KY), PeopleFund – managing member (TX), Pursuit – formerly Excelsior Growth Fund (NJ, NY, PA), and Wisconsin WBIC (WI).

The Veteran Loan Fund’s first $15 million round is made possible by a $5 million commitment of long-term, below-market-rate lending capital from Bank of America as the lead investor, along with significant backing from other major institutions through loan capital and grants. The fund aims to grow to $100 million within five years, aligning with the estimated annual demand for capital from veteran entrepreneurs who currently do not receive funding. For more information about The Veteran Loan Fund please visit us at: https://www.vet.loan/join-us/.

About BBIF Created in 1987, BBIF provides loan capital, financial technical assistance, and business development services to support business owners. As a mission-driven lender, BBIF helps businesses grow by offering capital solutions and specialized guidance tailored to their needs. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury CDFI Fund. The organization is also a Community Advantage and Micro Loan lender certified by the U.S. Small Business Administration, a Money Smart for Small Business collaborator with the Federal Deposit Insurance Corporation (FDIC), and holds an AERIS rating of triple star, A.

Since its inception, BBIF has provided over 1,185 loans totaling $103.6 million and received over $200MM in New Markets Tax Credit (NMTC)  awards, for a leveraged impact of over $625 million in NMTC investments. These efforts have created/retained over 15,000 jobs, while maintaining a historical loan loss rate of 4.08%. Learn more at www.BBIF.com.

Bank of America At Bank of America, our mission is to help improve financial well-being through meaningful connections. We achieve this by promoting responsible growth, supporting key economic initiatives, and contributing to the global economy. These principles are integrated across our eight business lines, helping to build trust, provide responsible products and services, and strengthen local economies.

An important part of this work is forming strong partnerships with nonprofit organizations and community-focused initiatives. By bringing together expertise and resources, we help drive positive change. Learn more at about.bankofamerica.com and connect with us on Twitter (@BofA_News)