This Bank Is Stepping Up to Help VA-Owned Small Businesses

Starting a small business is no easy feat. You need a great idea, a well-thought-out plan, and the right team to get your venture off the ground. And once you've done that, you need to keep the momentum going.

But at the core of many businesses is funding. And that could prove to be the most challenging piece of the puzzle. However, if you're a former military member, you may be in luck. Bank of America is on a mission to provide funding to small businesses. And it may be a resource to turn to for your new venture.

Helping veterans succeed

The Veteran Loan Fund is an online platform whose aim is to connect military veterans with mission-focused business lenders and education partners. So far, the initiative has funded more than 500 small businesses founded by veterans, resulting in the creation or retention of over 3,000 jobs.

The goal is to grow the Veteran Loan Fund to $100 million across the nation by 2027. The fund's first $15 million round, which was given out in under 12 months, was made possible by a $5 million commitment of long-term, below-market-rate lending capital from Bank of America in 2021, coupled with support from other major institutions. The next round will have Bank of America supplying $10 million in new support.

How to get funding for your VA-owned small business

To qualify for funding via the Veteran Loan Fund, you need to meet these criteria:

• Be someone who's served in the U.S. armed forces or the spouse of someone in that category
• Have a U.S. business
• Have equity invested in your business

From there, you can complete an online assessment to see if you qualify for aid.

If you're not eligible for aid via this specific source, worry not -- you may have other options. For one thing, you can try seeking funding from a community bank or credit union. You can also seek to borrow against your home equity for funding, or even look to a personal loan.

More resources for former military members

If you're a former military member who's looking to start a business, or a current veteran business owner, you should know that there's a world of support out there outside of funding. For one thing, the Small Business Administration offers training programs for veterans. And within the veterans category, there are different subsets, like women veterans and service-disabled veterans.

Also, the federal government awards a portion of its contract dollars to veteran-owned businesses. You may be eligible to secure one of these contracts, which could be a huge source of revenue. You can also go here to learn more about available business counseling in your area.

It's great to see a huge player in the banking industry like Bank of America step up to help veteran-owned businesses succeed. But the truth is, many banks are committed to helping VA-owned businesses and small businesses in general. Don't hesitate to explore the different resources available to you.