Fund provides capital to veterans on highly favorable terms to assist in meeting equity requirements for small business loans.
The Veterans Business Fund (VBF), a not-for-profit organization created to provide financial assistance to veterans, today announced its formation, and the issuing of the Fund’s first low-interest loan to a veteran. The Veterans Business Fund was established in response to the high unemployment rate among veterans, many of whom are skilled through their military experience to become successful small business owners but lack sufficient equity capital to qualify for a small business loan.
VBF provides capital to veterans in the form of a low-interest loan with favorable terms. All principal and interest paid to the Fund are made available to future veteran entrepreneurs requiring assistance in meeting the equity requirements for a small business loan. The initial capital for the Fund has been provided by BoeFly Chairman and CEO Robert Tannenhauser and Board of Directors member Alvin Sarter. BoeFly is a service that makes it easier to obtain small business loans by reducing the time, cost, complexity, inefficiency and frustration associated with small business lending. It connects small business borrowers with multiple lenders from among its more than 2,400 participating banks, based on the lending profiles provided by the banks and the information provided in the borrower’s loan request. Its vantage point as a service provider connecting borrowers and lenders provided the insight that led to the development of VBF.
“BoeFly has a solid understanding of the equity requirements required by small business lenders and the challenges many veteran entrepreneurs face in meeting them, and we realize small business ownership is out of reach for too many veterans who lack the capital,” said Mike Rozman, co-president of BoeFly and a member of the VBF Board of Directors. “We created the Veterans Business Fund to provide veterans with the supplemental capital required to satisfy the equity requirements for a small business loan, and ultimately help make it possible for them to apply their military experience to owning a business while creating jobs and helping to boost our economy.”
VBF sources its funds from charitable contributions from generous donors, individuals, corporations and foundations.
Read the full article and full list of VBF’s Member Advisory Board at prlog.com
More more information on the VBF please visit http://www.veteransbusinessfund.org