The U.S. Small Business Administration on Tuesday launched the SBA Veteran Pledge Initiative, a commitment by 20 of the largest banking institutions to increase their lending activity to veterans by 5% per year through 2018.
The SBA already partners with Syracuse University through its the Entrepreneurship Boot Camp for Veterans with Disabilities program. Now in its fourth year, the program also provides training on how disabled vets can start and grow a small business. Also see: Starting a Business? Move To One Of These 6 Cities The initiative also complements SBA's new partnership with the National Association of Development Companies (NADCO) VetLoan Advantage, a strategic initiative that offers small business financing discounts and rebates on commercial real estate and working capital SBA loans and training to veterans who own businesses or are interested in small business ownership. Also see:8 Hot Industries for Startups in 2013 NADCO is the national trade association for certified development companies, which are non-profit companies that have been certified by the SBA to provide financing for small businesses under the SBA's 504 loan program - the agency's most-often used long-term financing program. Last year, the industry provided roughly $6 billion in financing to 10,000 small businesses, it said. Under the VetLoan Advantage, veterans are eligible to take advantage of a cash rebate up to $3,000 for every SBA 504 loan funded to help offset their loan expenses, including appraisal and environmental reports. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.