CHARLOTTE, N.C. — Bank of America has launched a $20 million Veteran Entrepreneur Lending Program to connect U.S. military-veteran business owners with affordable capital to help kick-start and grow their businesses.
The Colorado Enterprise Fund will administer the program in Colorado, with four other organizations administering programs in six other states, including California, New York, North Carolina, Oklahoma, South Carolina and Texas.
Member-owned not-for-profit Elevations Credit Union has a new branch in Midtown Fort Collins, featuring business bankers, commercial lenders and more.
“Helping our veterans translate their skills and become entrepreneurs driving the U.S. economy is one of the ways Bank of America is thanking them for their service,” Bank of America CEO Brian Moynihan said in a prepared statement.
Loans will be administered through participating community-development financial institutions — nonprofit institutions with expertise in lending to small businesses and an understanding of local circumstances, including economic-development and job-creation opportunities. In addition to deploying capital, the Bank of America Charitable Foundation is providing $1.3 million in grants over two years to help the lending organizations manage operating costs.
More than 200,000 U.S. service members return to civilian life annually, including 10 percent with a desire to own a business, according to Bank of America. Additionally, there are more than 2.5 million businesses in the U.S. that are majority-owned by veterans.
Prior to receiving a loan, borrowers will participate in a two-month training program led by learning partners.
Bank of America entered the Boulder market in 2016, with a branch at 1965 28th St.