Warrior Rising Boosts Funding Access for Veteran Entrepreneurs
Warrior Expands Access to Capital for Veteran-Owned Businesses Through Alliances with Parlay and Live Oak Bank and Acquisition of Launch Plan™
Warrior Rising, a national non-profit organization committed to supporting U.S. military veterans and their families through entrepreneurship, is proud to announce a new strategic partnership with Parlay Finance and Live Oak Bank. This collaboration is designed to enhance access to capital and support for veteran-owned small businesses nationwide. With a shared vision of empowering veteran entrepreneurs, Warrior Rising aims to provide valuable resources such as education, coaching, mentorship, and customized financial solutions.
The Entrepreneurial Journey of Veterans
Veterans are known for their remarkable contributions to the U.S. economy, and they often bring innovation and leadership skills to the table. Research from the Small Business Administration indicates that veterans are increasingly entrepreneurial, being 45% more likely to start a business than their non-veteran counterparts. However, they face obstacles, specifically a higher likelihood of credit denial, which is 30% more than non-veterans. This initiative aims to assist veterans from the outset with technical assistance from Warrior Rising, loan readiness tools from Parlay Finance, and lending opportunities from Live Oak Bank, a leading SBA lender.
Secure Funding for Veteran-Owned Businesses
Live Oak Bank's Inclusive Banking program prioritizes funding minority, women, and veteran-owned enterprises, addressing the challenges these businesses face when seeking financial support. Warrior Rising, together with its partners, is on a mission to facilitate the provision of capital, targeting a goal of deploying $100 million to businesses owned by veterans.
“Veterans possess an incredible drive and work ethic that make them natural entrepreneurs,” stated Ben Bunn, Deputy Executive Director of Warrior Rising. “Yet, many still experience hurdles securing financing. This new partnership with Live Oak Bank and Parlay equips us to offer not just financial resources, but essential mentorship and guidance, which are vital for effectively navigating business ownership.”
Streamlined Lending Processes with Advanced Technology
As part of this initiative, Parlay Finance's cutting-edge AI-native loan intelligence system will be integrated with the expertise of Warrior Rising and Live Oak Bank. This strategic alignment aims to simplify and optimize the lending process for veteran entrepreneurs, ensuring they receive the specific support necessary for growth and success.
Empowering Veterans at Every Stage
Jay Long, COO of Parlay and an Army veteran, emphasized the importance of equipping veterans with the right tools and guidance from the beginning of their entrepreneurial journeys. “Through this collaboration,” he remarked, “we can aid veterans and military spouses in achieving success, providing a robust platform that assists with funding applications and prepares lenders to cater to the unique needs of their businesses.”
To further enhance offerings for veterans, Warrior Rising has acquired LaunchPlan™. This innovative software will enrich the organization’s learning management system by streamlining program access for veterans and supporting the development of business canvases, plans, and pitch decks. Additionally, this tool will simplify complex business processes, enabling those without a financial background to manage their enterprises more effectively, thereby increasing their chances of success.
About Warrior Rising
Warrior Rising is a nationwide 501c3 non-profit organization dedicated to enabling U.S. military veterans and their families through entrepreneurship. Through a combination of educational resources, mentorship, and financial assistance, Warrior Rising is committed to helping veterans thrive in business ownership.
About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (NYSE: LOB), is a digitally focused bank that serves customers throughout the U.S. without traditional branches. The bank employs innovative technology to foster efficiency and excellent service in small business lending.
About Parlay Finance
Parlay Finance specializes in SaaS-based Loan Intelligence Systems, enhancing the efficiency of SBA and conventional small business loans. Their AI-driven platform integrates with lending systems to streamline operations and increase profitability, expanding services across the nation.
Frequently Asked Questions
What is Warrior Rising?
Warrior Rising is a non-profit organization that focuses on empowering U.S. military veterans and their families through entrepreneurship.
What is the purpose of the collaboration with Parlay and Live Oak Bank?
This collaboration aims to enhance access to capital and provide support for veteran-owned small businesses through mentorship and financial resources.
How does the partnership benefit veteran entrepreneurs?
The partnership streamlines the lending process and provides financial guidance, enabling veterans to secure funding more easily.
What is LaunchPlan™?
LaunchPlan™ is a guided software tool acquired by Warrior Rising to enhance their educational offerings and help veterans develop their business plans, including pitch decks.
How much capital is Warrior Rising aiming to deploy?
Warrior Rising aims to deploy $100 million in capital to veteran-owned businesses nationwide.
