Through vet.loan, veterans can access small business loans and free education
One million service members will transition out of the military over the next five years, nearly a quarter of who will try 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. PeopleFund has lent more than $8 million to veterans since 2012 to meet the rising demand for capital so veterans can create thriving small businesses.
In November 2017, JPMorgan Chase & Co. announced a multi-million dollar commitment to community development financial institutions in California (Main Street Launch), North Carolina (Carolina Small Business Development Fund), and Texas (PeopleFund) to provide loans and technical assistance to veterans looking to start or grow their own business. The collaborative has launched vet.loan, an online portal where veterans can connect with local community lenders, access training modules, and learn about local resources.
“Veterans are busy members of their community, and we’ve designed vet.loan to be respectful of their time and responsive to their needs,”said Gary Lindner, President & CEO of PeopleFund, a member of the CDFI collaborative.
Current Training Modules cover: financial statements, loan documentation, human resources, networking, business pitching, personal resume, additional resources and next steps, business planning, access to capital, credit, market analysis, digital marketing, business structure, and registration. All modules are free to access online. For more information or to access small business loans and technical assistance, visit www.vet.loan