Business Growth & Access to Capital Loan Fund

The Veteran Women’s Enterprise Center (VWEC) has partnered with PeopleFund to create the VWEC Business Growth and Access to Capital (BGAC) loan fund to support business growth and access to capital for women veteran and female military spouse entrepreneurs.

Thanks to a $20,000 grant to the VWEC from American First National Bank and a generous $80,000 match by PeopleFund, we have launched a $100,000 loan fund to support this underserved population.

To this end, the VWEC will be engaging women veteran and female military spouse owned businesses to identify those with immediate growth potential to take advantage of this fund.

Women veteran and female military spouses interested in applying to the VWEC BGAC Loan Fund must participant in 3 Key activities:

1. Connect with the Veteran Women’s Enterprise Center;

2. Complete VWEC’s Mandatory Pre-Screening and Business Financial Training; and

3. Secure a Referral to submit a complete an online BGAC Application

BENEFITS:

Both VWEC and PeopleFund believe the partnership will benefit small business owners who are women veteran and female military spouse entrepreneurs by increasing access to low-interest rate loan options; resulting in increased business growth and affordable access to capital, while stimulating economic development in the region.

Fund Specifics:

•         Loans ranging from $2,500-$10,000

•         No collateral required to apply

•         No minimum credit score

•         Fixed interest rate of 3%

•         12 months maximum

Eligibility: VWEC Referral Required

Additional Requirements:

• Applicants must be women veteran and/or female military spouse entrepreneurs; however, sole proprietorships and 1099s are eligible for this program.

• Applicant must show proof of honorable discharge from military service, a written explanation for an other than honorable discharge or currently serving.

• Applicants should have been in business for more than 12 months; if a shorter period, the business must demonstrate viable growth via appropriate revenues and/or contractual relationships to support the requested loan.

• Applicants must show ability to repay, based on VWEC Business Growth and Access to Capital Loan Fund and PeopleFund’s underwriting guidelines

• No material derogatory items on guarantor(s) credit or TLOxp report, . . . exception approval will be considered based on the specific circumstance of the derogatory item(s), timing, duration, and/or other mitigating considerations, especially related to COVID19; and more importantly, the viability of the business.

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