Veteran Loan Fund Announces Results for 2024

Written by DreamSpring | November 20, 2024

The fund supporting veteran-owned small businesses entrepreneurs has served more than 1,000 entrepreneurs since launching in 2021.

ALBUQUERQUE, NM – The Veteran Loan Fund (VLF) has announced significant milestones since its 2021 launch, deploying over $77 million nationwide to support more than 1,000 veteran-owned businesses, resulting in the creation or retention of nearly 5,500 jobs. Notably, over 50% of the fund's recipients were business owners of color, nearly 50% were low- to moderate-income entrepreneurs, and over 30% were women. These achievements underscore the critical role of Community Development Financial Institutions (CDFIs) and technical assistance partners in serving veterans who have served us all.

The Veteran Loan Fund also announced the successful closing of its second round of funding, sized at $15 million to meet the growing demand for capital from veteran entrepreneurs while remaining adaptable to fluctuating market interest rates. The fund anticipates deploying the entirety of this round by year-end, paving the way for the third round of funding in 2025.

As a founding member of VLF, DreamSpring is proud to champion veteran entrepreneurs through its tailored financing and personalized support.

“Veterans bring unparalleled resilience, leadership, and vision to their businesses. At DreamSpring, we are honored to help them transform their entrepreneurial goals into thriving realities,” says Anne Haines, President and CEO of DreamSpring. “The Veteran Loan Fund amplifies these efforts, creating a collective impact that fuels economic opportunity for veterans across the nation.”

Eligible veterans and their spouses interested in accessing financial or technical assistance can complete a simple online assessment at veteranloanfund.com. The platform matches entrepreneurs with the most suitable CDFI or partner, offering access to low-interest loans and free technical assistance, including specialized business coaching and education.

The Veteran Loan Fund extends its gratitude to its partners and investors, including lead investor Bank of America, PNC Bank, and numerous other financial institutions, foundations, and supporters that made the second round of funding possible.

About Veteran Loan Fund

Veteran Loan Fund is a collaborative initiative of national Community Development Financial Institutions (CDFIs) and specialized technical assistance partners committed to empowering underserved veteran entrepreneurs and their spouses. The fund provides capital, shares best practices, and advocates for expanded support for veteran-owned businesses. Member CDFIs include Access to Capital for Entrepreneurs (GA), Appalachian Community Capital (VA), Black Business Investment Fund (FL), 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). Learn more at veteranloanfund.com.

About DreamSpring

DreamSpring is a nonprofit Community Development Financial Institution (CDFI) and U.S. Small Business Administration (SBA) lender dedicated to eliminating systemic wealth inequities and accelerating the economic inclusion and strength of underserved communities. Founded in 1994, the organization provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners in 27 states, focusing on underrepresented communities including people of color, women, low- to moderate-income earners, people with disabilities, and start-ups. To date, DreamSpring has issued more than 47,925 loans totaling over $562 million to small businesses that support an estimated 67,632 jobs. Learn more at DreamSpring.org.

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