The Veteran Loan Fund (VLF) announced the graduation of the first cohort from its Veteran and MilSpouse Business Accelerator (VLF Accelerator), marking a key step in expanding access to capital and business coaching for veteran and military spouse entrepreneurs. ACE: Access to Capital for Entrepreneurs, which has satellite offices in Tifton and Valdosta, is a participating community development financial institution (CDFI) and provided information regarding this milestone.
The inaugural VLF Accelerator cohort included 37 entrepreneurs from five states. These graduates collectively received more than $3.2 million in loan capital and an additional $150,000 in grants from participating CDFIs. These businesses are projected to create or retain over 120 jobs.
The eight-week accelerator program combines practical business education with access to capital and ongoing technical assistance. Its curriculum is delivered through a collaborative effort involving the University of Texas at Arlington Veterans Business Outreach Center, the Veteran Women’s Enterprise Center, member CDFIs, and other specialized partners. The Truist Foundation provided generous support, making the VLF Accelerator possible.
ACE, with its Atlanta base and offices in Tifton and Valdosta, has been instrumental in supporting the Veteran Loan Fund's efforts in Georgia. Ray Pennie, a veteran and chief of business advisory services for ACE, highlighted the significance of the collaboration, stating that supporting veterans and military spouses is both a privilege and a responsibility, and that this first cohort marks “the beginning of many more to come.” Through the Veteran Loan Fund, ACE in Georgia has deployed more than $34.9 million to small businesses to date, contributing to the creation or retention of 1,978 jobs.
Chandra Lamonica Winford, a U.S. Army Reserve veteran and owner of Winford Financial LLC, sponsored by ACE in Georgia, shared her experience as a graduate. Winford noted the accelerator's value in prompting her to set aside dedicated time to focus on her business's growth and strategy, and exposing her to new technologies for faster expansion. She also emphasized the opportunity to connect with speakers and fellow veterans, fostering potential future mentorships, clients, or business partnerships.
The VLF Accelerator represents an expansion of the Veteran Loan Fund's broader mission, which began in 2021. VLF brings together a network of CDFIs and specialized partners to provide affordable capital, tailored business coaching, and technical assistance to help veterans and military spouses build stronger, more sustainable businesses. As of June 30, VLF members nationally had deployed over $118 million in loan capital to 1,537 veterans and military spouses, supporting the creation or retention of more than 8,350 jobs across the country. This national accelerator connects entrepreneurs with a coordinated curriculum while maintaining local relationships and individualized support from participating CDFIs.
Applications for the second cohort of the VLF Business Accelerator are scheduled to open on October 7. The program will continue to offer business education, access to affordable capital, and technical assistance through VLF’s network. Space in the program is limited.
