CDFI Collaborative Expands Nationally to Advance Access to Capital for Veterans
Veteran LLC provides Leadership, Learning, and Capital to Veteran Entrepreneurs throughout U.S.
Austin, TX – Veteran LLC has expanded to include five additional members: Wisconsin Women’s Business Initiative Corporation in Wisconsin, Black Business Investment Fund in Florida, Access to Capital for Entrepreneurs in Georgia, Pathway Lending in Tennessee and Alabama, and Economic and Community Development Institute in Ohio. The new members of the community development finance institution (CDFI) collaborative join Main Street Launch in California, Carolina Small Business Development Fund in North Carolina, and Texas PeopleFund in Texas, which in 2018 collectively provided nearly $9 million in capital to veterans.
By visiting vet.loan, veteran entrepreneurs can access business education modules and connect to local community lenders with dedicated programs for veteran small business owners.
Veteran LLC was formed as an investment initiative of JPMorgan Chase’s Small Business Forward program to support women, minority, and veteran-owned small businesses to create local and inclusive economic growth. Of the veterans served by Veteran LLC in 2018, 47 percent were ethnic minorities and 25 percent were female.
“We are humbled and excited by the growth of this collaborative,” said PeopleFund President & CEO Gary Lindner. “Our combined commitment to our nation’s heroes will transform lives through financial equity and new pathways to prosperity.”
One million service members will transition out of the military over the next five years, nearly a quarter of who will attempt to start their own businesses, but only 4.5 percent will succeed due to lack of access to capital and networking. Veterans bring tremendous value to the economy, with nine percent of all businesses in the country veteran-owned, representing nearly six million employees and $1.2 trillion in sales. Veteran LLC will fill a widening capital void among veteran entrepreneurs to ensure they can continue to serve as valuable economic drivers.
Visit vet.loan to learn more about Veteran LLC and access resources to guide veteran entrepreneurs through every step of building a business.