WBDC Joins Loan Program For Veterans
The Worcester Business Development Corp. (WBDC) is developing a business lending program for military veterans, with the help of the federal government and a trade association for developers.
The WBDC said it has begun working with the U.S. Small Business Administration (SBA) and the National Association of Development Companies (NADCO) on the program, which, on a national scale, will provide at least $475 million in loans for entrepreneurs who have served in the armed forces.
Daniel Son, a spokesman for NADCO, said in a statement from the WBDC that his organization, working with the SBA, wants to increase small business loans to veterans by 5 percent over the next five years.
"This program will help veterans ease back into civilian life and give them access to funding for their small businesses," said WBDC President Craig Blais. "Doing this will help create jobs and bring about economic growth for our community."
NADCO's goal is to have 40 percent of its nearly 270 certified development companies participate in discounts for the program, called VetLoan Advantage. Those discounts represent $3,000 to $20,000 in savings to qualified veterans who apply for loans. Last year, about 10 percent of the SBA's small-business or commercial real-estate loans went to military veterans, the WBDC said.
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