Veteran Loan Fund announces its first-year results, plans for second round of funding
The fund supporting Veteran-Owned Small Businesses expands
NASHVILLE, Tennessee – The Veteran Loan Fund announced that in its first year of operations, its members have deployed more than $15 million across the country, helping 231 businesses create or retain close to 1,200 jobs. 60% of the business owners receiving financial and technical assistance were people of color, 50% low or moderate income and 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 for all of us.
“Entrepreneurship and small business ownership offer a path for many veterans and transitioning military members to continue contributing to our communities and economies following their military careers,” said Pathway Lending CEO Clint Gwin. “We’re proud to partner in Veteran Loan Fund to help them navigate that path successfully and find and access the capital and coaching resources they need along the way.”
With two new members joining the Veteran Loan Fund, Appalachian Community Capital and Justine Petersen, the fund is significantly expanding its reach while it prepares to launch its second $25 million round of funding. The upcoming round will provide $25 million in loan capital to small businesses owned by veterans or veteran spouses.
Veterans interested in receiving financial or technical assistance can now complete a simple online assessment at www.veteranloanfund.com to be matched with the CDFI or partner that best meets their needs. Eligible entrepreneurs can apply for a low-interest loan with their matched lender. These 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 anywhere in the country.
Highland Rim Aviation is a flight school offering pilot instruction, aircraft rental and maintenance from the Springfield-Robertson County Airport in Springfield, Tennessee. Retired U.S. Army 160th Special Operations and Reconnaissance helicopter pilot Thomas Jones opened the school in August 2019 with a loan from Pathway Lending. With six flight instructors and a fleet of nearly 15 aircraft, Highland Rim offers flight instruction for private pilot, commercial pilot, instrument and multi-engine, certified flight instructor and rotary wing transition.
Thank you to the Veteran Loan Fund’s partners and investors that who made this possible, including Bank of America as lead investor and Wells Fargo, JPMorgan Chase, Northern Trust, Siemens Foundation, and Tawani Foundation.
For more information on the Veteran Loan Fund, please visit www.veteranloanfund.com.
About the Veteran Loan Fund:
Veteran Loan Fund is a collaborative effort of a national group of Community Development Financial Institutions (CDFIs) 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.
Specialized technical assistance partners include Bunker Labs, Vet Met, Vet to CEO, the Institute for Veterans & Military Families, as well as local partnerships with Veteran Business Outreach Centers, SCORE and SBDCs. 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).
To learn more about The Veteran Loan Fund, please visit https://www.veteranloanfund.com.
About Pathway Lending
Founded in 1999 and based in Nashville, Pathway Lending is a community development financial institution (CDFI) certified by the U.S. Department of the Treasury. It has grown to become a major lending institution in the Southeast, propelling meaningful economic growth in communities across the region. In 2021, Pathway Lending made more than $57.7 million in loans and delivered 16,557 hours of technical assistance and education. Get to know our mission and the stories of the entrepreneurs and communities we serve at PathwayLending.org.