Bank of America Invests $200,000 in Carolina Small Business Development Fund
June 18, 2018
Bank of America commits $200K to Carolina Small Business Development Fund (CSBDF) to help expand access to capital to underrepresented veteran-owned small businesses in the Carolinas. The grant will support business services and program marketing with capital to be added for direct veteran lending. This is part of the firm’s $20 million investment to help veteran-owned small businesses across the country.
Carolina Small Business Development Fund is a nonprofit institution with expertise in lending to small businesses and an understanding of local circumstances, including economic development and job creation opportunities, will be providing access to capital and technical assistance to veterans through this program. CSBDF recognizes the impact veterans have on the American economy and has provided over $10 million in small business loans to military veterans, helping to create and retain over 370 jobs.
“Veteran-owned small businesses have been a key part of the nation’s economy. Bank of America’s program will allow us to provide new opportunities for entrepreneurship development and increase economic expansion for veterans who have contributed so much for our communities,” said Lenwood V. Long, Sr., President/CEO of CSBDF. “We are excited about the opportunity to expand our program for veterans as we strive to inspire economic empowerment and business capacity to help veteran small business owners to build the businesses of their dreams.”
CSBDF has already established a program focused on veteran entrepreneurship. The funds from Bank of America will allow CSBDF to expand its program and continue to provide access to capital and specialized technical assistance to underrepresented military veterans in across North Carolina and South Carolina.
Each year, more than 200,000 U.S. service members return to civilian life, including 10 percent with a desire to own a business, creating a pipeline of potential borrowers. Additionally, there are more than 2.5 million businesses in the U.S. that are majority-owned by veterans. Of those, more than 440,000 veteran-owned businesses have employees, helping drive economic growth and job creation in local communities.
Bank of America's lending program will kick off in seven U.S. states with several CDFIs, such as CSBDF, administering the loans and offering an interest rate reduction on loans for qualifying borrowers.
“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,” said Chief Executive Officer Brian Moynihan.
On Friday, June 8, Bank of America hosted a thought leadership event, “Empowering Small Businesses to Drive Economic Growth,” on Capitol Hill, including a discussion about the role of small business in the U.S. economy and the opportunities and challenges small business owners and veteran entrepreneurs face in a time of rapid change. Featured speakers included Bank of America CEO Brian Moynihan, SBA Associate Administrator Bill Manger, and Bank of America Head of Small Business Sharon Miller.
For more information, contact Amber Banks, VP of Strategic Initiatives, at email@example.com or 919.229.8977.
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