SOURCE: OBDC Small Business Finance

March 22, 2016 10:00 ET

Veteran Launch Addresses Unmet Financing Needs of Veteran Entrepreneurs

Veteran-Led Nonprofit Program Uniquely Positioned to Address Financing Needs of Veteran-Owned Businesses

OAKLAND, CA--(Marketwired - March 22, 2016) -  More than 50 percent of all business failures occur from a lack of needed financing, according to Gallup. Veteran Launch, an affiliate of OBDC Small Business Finance, a leading non-profit focused on the financing of veteran-owned businesses, is poised to address this challenge through customized business advising and lending to veteran entrepreneurs.

California-based Veteran Launch provides critical assistance to veteran business owners including business development assistance that helps veteran entrepreneurs understand their cash flow and how much financing they can service. In addition, Veteran Launch helps veterans understand the resources available to them and provides affordable business loans of up to $250,000.

"We now see many non-profits supporting veteran business owners with education and training, and we're excited to bring a focus on financing to the table," said Noah Harris, Army veteran and Veteran Launch Managing Director. "Our mission is to increase the number of successful veteran businesses through capital, education, and relationships."

Veteran Launch offers unmatched business connections and knowledge to veterans as an affiliate of OBDC Small Business Finance, an organization that celebrates 37 years of lending and business development services. "I have a strong tie to the military through my father, brother, and father-in-law, all of who owned a small business," said OBDC President & CEO Jacob Singer. "I am thrilled to support veteran business owners."

Over the past months, Veteran Launch has already provided over $2 million in loans to veteran-owned businesses and valuable financing advice to many more. One of those business owners was Navy veteran Claude Burns, owner of Noble Brewer, based in Oakland. "We started the business on a good foundation partially because the loan from Veteran Launch allowed us to plan for the future," says Burns. "They are very helpful and knowledgeable, making the process much easier to understand and complete." 

JPMorgan Chase was one of the first funders to provide support to Veteran Launch. "JPMorgan Chase has long been committed to serving the unique needs of America's military, veterans and their families through employment, housing, education and small-business lending programs such as Veteran Launch," said Jeremy West, Market Manager for Chase Business Banking. "Chase serves more than 7,000 small businesses in Oakland, so we have a first-hand appreciation of the important role they play in the community and the economy. We are delighted to work with Veteran Launch to help create economic opportunities for these business owners."

About Veteran Launch

Veteran Launch is at the forefront for financing for military-owned businesses. We do this through a unique approach of providing business resources and funding dedicated to veterans. We provide one-on-one business advising, connection to a network of resources, and access to micro and small business term loans with low fees and competitive interest rates. Veteran Launch has already provided over $2 million in loans to veteran-owned businesses and valuable financing advice to many more. More information is available at: www.veteranlaunch.org.

About OBDC Small Business Finance

Our mission is to create economic opportunity by empowering entrepreneurs. Through innovative partnerships, we provide business owners with the capital, education, and relationships that allow them to flourish. Our collaborative approach helps our borrowers create jobs and stimulates economic development in low-to-moderate income communities. Our vision is to empower small business owners to succeed, transforming their lives and helping their communities thrive. More information is available at: www.obdc.com.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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