Warrior Expands Access to Capital for
Veteran-Owned Businesses Through Alliances with
Parlay and Live Oak Bank and Acquisition of Launch
Plan™
SALT
LAKE CITY, Nov. 12, 2024 /PRNewswire/ -- Warrior
Rising, a national 501c3 non-profit organization dedicated to
empowering U.S. military veterans and their families through
entrepreneurship, today announced it has established a relationship
with Parlay Finance and Live Oak Bank to increase capital access
and support for veteran-owned small businesses across the nation.
With a shared commitment to empowering veteran entrepreneurs, this
collaboration aims to help businesses led by veterans and military
spouses thrive through education, coaching, mentorship, financial
resources, and tailored capital access solutions.
Warrior Rising enhances capability for
vetrepreneurs through alliances with potential funders, Launch Plan
acquisition.
Veterans have long played a pivotal role in the U.S. economy,
contributing to job creation and innovation. According to the U.S.
Small Business Administration, veterans are 45% more likely to
start their own businesses compared to non-veterans. However,
veterans are 30% more likely to be turned down for a request made
for credit than nonveterans. The collaboration is designed to
support veterans on the journey from day one, with technical
assistance programming provided by Warrior Rising, loan readiness
software and insights provided by Parlay Finance, and loan funding
opportunities provided by Live Oak Bank, a top SBA lender in
the United States. Live Oak's
Inclusive Banking program supports minority, women, and
veteran-owned businesses with access to small business loans that
are often challenging to obtain.
"Veterans possess an incredible drive and work ethic that make
them natural entrepreneurs," said Ben
Bunn, Deputy Executive Director of Warrior Rising. "But
despite this, many veterans struggle to secure financing for their
businesses. This relationship with Live Oak Bank and Parlay allows
us to provide veterans with not only financial resources but also
the mentorship and guidance needed to rapidly and efficiently
navigate the world of business ownership."
This level of customer focus will be crucial as Warrior Rising
and Parlay work together to reach a goal of deploying $100 million in capital to veteran owned
businesses across the country.
Jay Long, COO of Parlay and a
U.S. Army veteran, noted the importance of empowering veterans from
the start of their entrepreneurial journey with the right guidance
and technology to succeed. By integrating Warrior Rising and Live
Oak Bank's expertise with Parlay's AI-native loan intelligence
system, the collaboration will streamline the lending process for
veterans, ensuring they receive the support they need to grow their
businesses: "Through this collaboration, we can help veterans and
military spouses find success. Our software helps small business
owners not only apply for funding but also prepares lenders to
support their unique needs on a national scale."
In addition, as part of its effort to continually enhance the
quality of programs for our veterans, Warrior Rising has recently
acquired LaunchPlan™. Launch Plan is a guided software tool that
will significantly enhance our learning management system. This
integration will unify Warrior Rising's programs (Warrior Academy,
Warrior University, and Veteran Business Showers), empowering
veterans to create business canvases, business plans, and pitch
decks within the same platform. The guided narratives will simplify
complex processes, enabling even those without an accounting
background to manage their businesses effectively, increasing
effectiveness. Moreover, mentors will be able to provide
interactive guidance, fostering potential success for our
veterans.
About Warrior Rising
Warrior Rising is a nationwide 501c3 non-profit organization
dedicated to empowering U.S. military veterans and their families
through entrepreneurship. By offering educational resources,
mentorship, and financial support, Warrior Rising helps veterans
achieve success in business ownership. For more information, visit
www.warriorrising.org.
About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (NYSE:
LOB), is a digitally focused, FDIC-insured bank serving customers
across the country. Live Oak brings efficiency and excellence to
the banking process, without branches, by using a focused approach
to technology and innovation. To learn more, visit
www.liveoakbank.com/veteran-financing
About Parlay Finance
Parlay Finance is a SaaS-based Loan Intelligence Systems (LIS)
company that helps lenders issue SBA and conventional small
business loans more efficiently. Their AI-native platform
integrates seamlessly with Loan Origination Systems, improving loan
volume, operational efficiency, and profitability. Parlay recently
partnered with Mastercard and JAM FINTOP to expand its services
nationwide. For more information, visit www.parlay.finance.
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SOURCE Warrior Rising