The fund supporting Veteran-Owned Small Businesses does it again
AUSTIN, Texas, November 11, 2024 – The Veteran Loan Fund (VLF) announced that since its launch in 2021, its members have deployed more than $77 million across the country, helping over 1,000 veteran-owned businesses create or retain close to 5,500 jobs. More than 50% of the business owners receiving financial and technical assistance were people of color, close to 50% low or moderate income and over 30% women. These impressive statistics show the importance of the work that this group of CDFIs and their technical assistance partners do, serving those who served all of us.
The fund is also announcing the successful closing of its second round of funding. The round was sized down to $15 million to meet the increasing demand of loan capital from veteran entrepreneurs while more nimble adapting to changing interest rates in the market. The group expects this round to be fully deployed by the end of the year, at which time they will announce the third round of funding.
“PeopleFund is honored to continue our work with other CDFIs in the Veteran Loan Fund, empowering veterans to build sustainable, impactful businesses,” said Gustavo Lasala, President and CEO of PeopleFund, a Texas based CDFI and member of VLF. “We’re leveling the field to provide veterans with equitable access to resources and opportunities. What a beautiful way to give back to those that gave so much for our country.”
PeopleFund Veteran Loans are designed to help early-stage veteran entrepreneurs start or grow their business. Participants in this program can also access free technical assistance (specialized business coaching and education) tailored to their needs whether or not they receive financial assistance. Veterans interested in participating in this program can complete a simple online assessment at www.veteranloanfund.com or www.peoplefund.org.
Owned and operated by KC and Marisa “Momo” Hensley, Momo’s Michelada produces and sells a high- quality non-alcoholic michelada mix as a light and refreshing alternative to traditional micheladas. Handcrafted in Austin, Momo’s Michelada Mix offers a unique blend of lemon, veggies, and spices and is both vegan and gluten-free. The product is extremely versatile as it can be used to create marinades, salad dressings, sauces and more, earning the title “Best Michelada in Austin” multiple years over. KC and Marisa sought funding for their business to lease a larger production and storage facility and purchase new equipment. Veteran-owned, minority owned, women owned, Momo’s found PeopleFund who provided a veteran loan complemented with specialized technical assistance through their participation in PeopleFund’s BIPOC Small Business Accelerator, a program open to people from all backgrounds.
Thank you to our partners and investors that are making this second round possible, including Bank of America as lead investor and PNC Bank as well as many other financial institutions, foundations and partners that support this initiative.
About Veteran Loan Fund:
Veteran Loan Fund is a collaborative effort of a national group of Community Development Financial Institutions (CDFIs) and specialized technical assistance partners with the mission to help underserved veterans and their spouses start and grow small businesses. The fund provides a specialized source of capital and a forum to share best practices and conduct advocacy efforts for lenders to originate loans and grow their local veteran programs. Member CDFIs include Access to Capital for Entrepreneurs (GA), Appalachian Community Capital (VA), Black Business Investment Fund (FLA), Business Impact Northwest (WA), Colorado Enterprise Fund (CO), DreamSpring (NM), Economic and Community Development Institute (OH), Justine Petersen (MO), Pathway Lending (TN), PeopleFund (TX), Pursuit (NJ), and Wisconsin Women Business Initiative Corporation (WI). Learn more at https://www.veteranloanfund.com.
About PeopleFund:
PeopleFund is a nonprofit Community Development Financial Institution (CDFI), an SBA lender and serves as the managing member of the Veteran Loan Fund. Established in 1994, PeopleFund has more than 30 years of experience helping thousands on the path to financial security. PeopleFund programs focus on advancing economic opportunities for veterans, women, and individuals of low to moderate income by providing capital, training and other resources needed to grow a healthy small business. Since inception, PeopleFund’s direct impact on the economy has surpassed $1 Billion through more than 5,600 loans to small businesses and New Market Tax Credit allocations. PeopleFund also has helped create and retain 24,000 jobs and delivered hundreds of thousands hours of business education. To learn more about PeopleFund please visit www.peoplefund.org .
Media Contact:
Jenny Palecek, SVP of Philanthropic Partnerships, [email protected]
(512) 222-1005