“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,” Bank of America CEO Brian Moynihan said in a release announcing $20 million in funding to five CDFIs to help veteran-owned small businesses.
The program kicks off in seven states with the following CDFIs:
- North and South Carolina — Carolina Small Business Development Fund
- Colorado — Colorado Enterprise Fund
- New York — Excelsior Growth Fund
- California — Main Street Launch
- Texas and Oklahoma — PeopleFund
The Bank of America Charitable Foundation is also providing $1.3 million in grants over two years to help these institutions manage operating costs.
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