Bank of America CEO: One big way to help veterans is help them get capital to start a business Skip to main content

Bank of America CEO: One big way to help veterans is help them get capital to start a business

Bank of America CEO Brian Moynihan.

Getty Images
Bank of America CEO Brian Moynihan.
Each year, more than 200,000 U.S. military veterans return to civilian life after serving our country in uniform. According to the Small Business Administration, 10 percent of veterans would like to own their own business. Veterans are disciplined, well-trained leaders. With access to capital and business training, their success rates as small business owners are high. This contributes to local economic activity and job creation.
Veterans can struggle to find capital they need to get their businesses going. In fact, more than 75 percent of veterans reported encountering challenges as they started and looked to grow their business, citing access to capital as a top challenge, according to an Institute for Veterans and Military Families study.
Just about 8 percent of veterans used business loans from banks or other commercial lenders, yet veteran-owned business account for nearly 10 percent of all U.S business and generate about $1.1 trillion in sales each year.
Providing access to capital is where America's banks can do even more to help the men and women who served the country and now want to help drive the economy. That's why Bank of America recently launched a new $20 million Veteran Entrepreneur Lending Program, to connect prospective veteran business owners with affordable capital to help start and grow their businesses.
We are working closely with community development financial institutions in local communities across the country to identify and support veteran-owned businesses. And before receiving a loan, veteran borrowers can participate in a two-month training program – led by Syracuse University, Oklahoma State University and the non-profit VetToCEO – to help them stay on track in those crucial early years of starting a business.
We know that this is just one way to help, and the success stories are there.
Two years ago, Marc Smith, an Army veteran and owner of the Patriotic Pig BBQ in Texas, needed early capital to grow his business. Marc received a loan from a community development financial institution that was, in his words, a "game-changer." It allowed Marc to buy a large military-themed smoker, which helped him serve four times as many customers and, with the help of ten employees, cater five events per day. His business took off.
In 2017, after 22 years in the military, Marcus Flake, Sr., wanted to apply his Master's Degree in public health and help fellow veterans. With the help of a bank loan, he started a business that does both. Commercial Sanitation Initiative (CSI) U.S. Military Maintenance provides sanitation, maintenance and remodeling services and works to create workforce development programs for veterans.
Today, there are more than 2.5 million U.S. businesses like these that are majority-owned by veterans. Of those, more than 440,000 are also employers, creating economic growth and jobs.
Veterans know how to lead and have a unique ability to influence change. We can all do more to contribute to their success. It's one more way to serve those who have served our country.
Commentary by Brian Moynihan, Bank of America CEO.


Popular posts from this blog

Tueazee - I Know #Flyah Review

Tueazee is an exciting music group based in Augusta, GA, and they have been making music for about a year now.  Releasing music under the J Tizzle Muzic label, the group recently unveiled a new, exciting single titled “I Know.”The song is a great example of Tueazee’s pure and uncompromising combination of new and old-school hip-hop, making for a driven, direct and fast-paced feel that knows no compromises whatsoever. Their flow echoes the work of seminal performers such as Jay Z, Kendrick Lamar, Common or J Cole, bridging the gaps between the unmistakable tone of the 90s golden age and the modern feel.Ultimately, “I Know” stands out as a perfect combination of old-school hip-hop and modern punch, making for a striking, professional and world-class production value.

Piqued Jacks rock n roll #Flyah

Piqued Jacks describe their sound in their own words: “being able to speak without impediment; having sex in the most intense way possible; expressing ourselves 100%”. You have to hear it to experience it for yourself. Piqued Jacks are brave souls. Rising from a small village in Italy, they have methodically made their way from obscurity to Austin, the heart of the indie music scene, performing 2 showcases at SXSW 2013. Their powerful alliance and headstrong vision has resulted in rapid success and the positive flow of their career indicates a confident band gaining serious momentum. Back in 2006, the Piqued Jacks were anything but serious. They causally acquired the band name after someone drops a bass during rehearsal. The damaged jack resembled an erect penis and the boys felt the sexual allusion suited their sound. A few years later, something clicked, a unified connection to the music making process, and from 2010 to 2011 they released two EP’s, conquering Italian airw…

Alla P. Gakuba - A Person is a Product of Time Place and Circumstances

Alla P. Gakuba's short stories are lengthy and full of information whether from historical periods to relate to current times. The twenty short stories detail infamous events such as Napoleon's rise and fall to American women receiving rights to vote. Another of the short stories was about Maslow's Theory describing the five steps of life and achievements. This book is inspiring and gives insight into the mentality of many great people who contributed to society, helped others in times of need and become more self-aware. Alla talked about her time as a engineer being changed from constructing buildings to bridges with no guidance given to her. Even after transferring from Africa to U.S.A. for an engineering job, Alla was puzzled that she earned the job but she strive to achieve her goals. In life, dedication can be the breaking point of a successful venture and a reflection of the steps taken to get there. Alla also theorizes about a time that women felt uncomfortable in a …