PenFed Foundation Announces Program to Help Black Veteran Entrepreneurs

PenFed Foundation Announces Program to Help Black Veteran Entrepreneurs

PENFED Foundation, a nonprofit founded by PenFed Credit Union, recently announced its second annual Black History Month Ignition Challenge as part of Black History Month in February. 

Through the investment program, Black veteran, active duty, guard, reserve, and military spouse entrepreneurs identify their business goals and impact and compete for funding and mentorship.

"PenFed is proud to celebrate Black History Month and support the Veteran Entrepreneur Investment Program's Ignition Challenge for Black entrepreneurs," said PenFed Credit Union President/CEO and PenFed Foundation CEO James Schenck. "Black-owned businesses are a significant and quickly growing part of the American economy, and the PenFed Foundation is committed to supporting these vitally important members of our community."

Proposals were accepted until January 14 to the PenFed Foundation's Veteran Entrepreneur Investment Program (VEIP). Businesses that have at least 50% military personnel and black owners were eligible. The announcement said that all proposals will be reviewed by the VEIP Selection Committee, which will then choose the top 15 submissions. 

The VEIP website features descriptions and photos of participating businesses; the public can vote for its favorite business from February 1-10. 

A business will advance to the pitch competition based on the number of votes it receives. Additionally, the second-place winner will receive $15,000, and the third-place winner will receive $10,000. 

The VEIP staff will coach and support the selected entrepreneurs to further position them for success in the future. The finalist will also receive social media and media training and national promotion. 

You can learn more or apply to future Ignition Challenges at veip.penfedfoundation.org/ignition-challenge/.

Established in 2001, the PenFed Foundation is a national nonprofit organization dedicated to providing financial stability and opportunity to military service members, veterans and communities. Veterans, their families, and support networks can improve their lives through financial education, homeownership, veteran entrepreneurship and short-term assistance. 

The Foundation has the resources to reach out to military communities across the nation, build strong partnerships, and engage an engaged volunteer corps, thanks to its affiliation with PenFed Credit Union. As a significant supporter of the Foundation's programs, the credit union funds most of the Foundation's personnel and operational costs.