Bank of America to Support Initiative for Veterans
UConn’s Entrepreneurship Boot Camp for Veterans with Disabilities (EBV) has received a $15,000 grant from the Bank of America Foundation.
The grant will support UConn’s program in the School of Business that provides disabled veterans with training in entrepreneurship and small business management, the UConn Foundation, which applied for the grant, announced.
“These men and women made great sacrifices in service of our country,” said Kevin Cunningham, Connecticut president, Bank of America. “UConn’s program connects veterans with the resources they need to pursue their dreams of starting a business.”
UConn’s EBV provides disabled veterans with the knowledge, skills, and support to start and grow their own businesses and achieve financial independence. Since its inaugural class in 2010, UConn’s EBV program has helped 110 veterans start 90 businesses, 18 find full-time employment, and 10 access professional business education programs.
“This grant will provide significant support,” says program manager Michael Zacchea, Lt. Col USMC (ret). “This grant will have a significant ‘ripple effect’ on our veterans and our state’s economy.”
In each of the last two years, the UConn School of Business has been ranked as a “Top Vet-Friendly” school by the Military Times. “Bank of America has supported the UConn EBV from the beginning. They are important partners in creating economic and social value for veterans re-entering the work force,” says Zacchea.
Over the past 5 years, veteran businesses started through the UConn EBV have provided a 6-to-1 return on capital, says Zacchea. A typical UConn EBV business after five years has $150,000 – $200,000 in gross revenues and creates two jobs in addition to the principal.
UConn is part of a 10-school consortium administered by the Institute of Veterans and Military Families offering the EBV program nationwide. The EBV program is widely recognized as a best-in-class entrepreneurial training program in the nation.