AUSTIN, July 15, 2022 – Baker Botts L.L.P., a leading international energy, technology and life sciences law firm, advised PeopleFund in connection with the closing of its first fundraising round for its Veteran Loan Fund, in which it raised $15 million, including seed funding from Wells Fargo.

Wells Fargo’s support to the Veteran Loan Fund includes a $3.5 million investment and a $1.5 million grant to make it possible for Community Development Financial Institutions (CDFIs) to provide affordable loans to eligible military veteran-owned small businesses. Since the launch of the fund (in which Baker Botts also advised PeopleFund in its formation), member CDFIs have deployed more than $10.5 million in loans, creating more than 500 jobs and providing 2,200 hours of free technical assistance.

“Thanks to Wells Fargo, for their support allows organizations like PeopleFund to open a path to economic freedom for Veterans. It is an honor to offer this kind of opportunity to those that have given so much for this country,” said Gustavo Lasala, President and CEO of PeopleFund, managing member of the Veteran Loan Fund, based in Austin, Texas.

Lack of access to capital, formal business training or a network of peers are often roadblocks for Veterans who aim to attain financial independence through entrepreneurship. The goal of the Veteran Loan Fund is to fill this gap. Veterans receiving loans from this program benefit from free access to a national network of business coaches and loans with low interest rates.

The estimated annual demand for capital from Veteran entrepreneurs that do not receive any kind of funding for their businesses is $100 million. The Veteran Loan Fund plans to close this gap within five years.

Baker Botts Lawyers/Offices Involved:

Corporate: Brendan Dignan (Partner, Washington, D.C.), William Stutts (Senior Counsel, Austin), Lee Neel Davis (Special Counsel, Washington, D.C.), Josh Espinosa (Associate, Dallas).

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Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.