© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo
NEW YORK (Reuters) – Bank of America will provide a second round of funding to a veterans group that finances small businesses built by former military personnel, the lender said on Wednesday.
The second largest U.S. bank will lend $10 million toward a $25 million fundraising round for the Veteran Loan Fund, which aims to grow to $100 million nationwide by 2027.
The veterans group initially raised $15 million when it launched in 2021, with Bank of America investing $5 million of long-term capital below market rates.
The fund offers an online platform to connect military veterans and their spouses with lenders to help them build small businesses.
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