Today the PenFed Foundation announced the launch of its new Veteran Entrepreneur Investment Program (VEIP). Through Foundation contributions and matching funding of up to $1 million from PenFed Credit Union in 2018, the program will: provide veteran-owned start-ups with seed capital to build and grow their businesses, create a robust network for veteran-owned businesses to succeed and enable the PenFed Foundation to perpetually re-invest returns in future veteran-owned businesses.
“Approximately 200,000 veterans leave active duty each year and 25 percent of them plan to start their own business. There is no shortage of talent or ideas, just capital and a powerful network of support,” said James Schenck, President and CEO of PenFed Credit Union. “PenFed is dedicated to innovating new ways to support the service men and women who fight and win our nation’s wars. Investing in veteran entrepreneurs is not only the right thing to do, it is good for the economy, will create new jobs and help businesses thrive.”
The VEIP will be funded by outside donors with PenFed Credit Union matching up to $1 million in contributions in 2018 to the PenFed Foundation in order to launch this program. The PenFed Foundation VEIP plans to invest in three to five selected businesses a year. Returns on all investments will go back into the program to support future veteran-owned business ventures.
In addition to providing capital, the program leverages the power of PenFed and the PenFed Foundation’s network of more than 1,700 business partners and its respective internal human capital to provide professional advice for strategic/business planning, HR and sales expertise, marketing opportunities and other support as needed.
“The Veteran Entrepreneur Investment Program not only helps fund veteran-owned businesses, it provides them with the network of support and guidance they need to succeed,” Schenck added.
“The Veterans Entrepreneur Investment Program builds on the mission of the PenFed Foundation to provide those who have served, their families and caregivers the skills and resources they need to build a strong financial future,” said Bruce Kasold, acting President and COO of the PenFed Foundation. “Veterans are tested, strong leaders who are especially mission driven. Through this program, we will enable veterans to build their own businesses, create jobs and build successful enterprises that will ultimately hire more veterans down the road. In short, the VEIP will help veterans build a strong financial future for themselves, their families and communities.”
The VEIP marks a significant new area of focus for the PenFed Foundation, which was created in 2001. Since that time, the Foundation has provided more than $30 million in financial support to veterans, active duty service members, families and caregivers. Its key programs include:
- Emergency financial assistance for veterans with disabilities
- Caregiver assistance, such as childcare or educational assistance
- Homeownership grants for low- to moderate-income veterans and service members to purchase their first home
- Interest-free microloans for service members and reservists to combat and provide alternatives to predatory lending
Visit penfedfoundation.org to learn more.