Today, Bank of America announced a $20 million Veteran Entrepreneur Lending Program to connect U.S. military veteran business owners with affordable and responsible capital to help start and grow their businesses. Excelsior Growth Fund, along with four other Community Development Financial Institutions (CDFIs) in seven U.S. states, will administer the loans and offer an interest rate reduction on loans for qualifying borrowers.
Prior to receiving funding, borrowers will have the opportunity to participate in training programs through Syracuse University, Oklahoma State University and Veterans for Veterans. In addition to the lending program and offering resources to veteran entrepreneurs, the Bank of America Charitable Foundation will provide $1.3 million in grants over two years to help CDFIs manage operating costs.
To all veterans, we thank you for your service and look forward to being a part of your business journey!
To learn more about this exciting program and see the full list of participating CDFIs visit: https://bit.ly/2sQ7avl
