Bank of America announced a doubling of its two-year commitment to support the Veteran Loan Fund in its second round. The Veteran Loan Fund, a national collaboration involving various Community Development Financial Institutions (CDFIs) and specialized veteran service organizations, offers responsible capital and technical assistance to underserved veteran entrepreneurs, according to a press release by Bank of America.

The Veteran Loan Fund operates an online platform connecting military veterans and their spouses with mission-focused lenders and educational partners to establish and sustain small businesses. Eligible veterans receive below-market-rate funding and complimentary business coaching. In the current round, Bank of America is contributing $10 million to bolster the new $25 million fund. The fund aspires to expand to $100 million nationwide by 2027, said Bank of America.

"Many veterans have the drive, discipline and leadership skills to fuel small business growth but lack the funding or network to help them grow. We have seen the benefits of low-cost capital in catalyzing entrepreneurship and are pleased to continue to support this work," said Dan Letendre, head of CDFI Lending at Bank of America.

Bank of America's commitment, stemming from a $5 million pledge has already empowered over 500 small businesses founded by veterans. This has led to the creation or retention of more than 3,000 jobs across 37 states, stated Bank of America.

“Access to responsible capital is a key issue for military veteran entrepreneurs,” said Grant Bennett, Director of Veteran Programs and Operating Manager of the Veteran Loan Fund. “Now is the time to scale our impact within the veteran business community. We can only do this through the work of our CDFI partners and support of organizations like Bank of America."