PR Newswire
SALT LAKE CITY, Nov. 12, 2024
Warrior Expands Access to Capital for Veteran-Owned Businesses Through Alliances with Parlay and Live Oak Bank and Acquisition of Launch Planâ„¢
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.
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 LaunchPlanâ„¢. 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
