The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced the launch of the second PenFed Foundation Ignition Challenge presented by MidCountry Bank. The challenge supports veteran, active duty, guard, reserve and military spouse entrepreneurs living in Iowa, Minnesota, North Dakota, South Dakota and Wisconsin by helping them to identify their business impact and goals and providing an opportunity to compete to win funding and mentorship.
“PenFed Foundation’s Veteran Entrepreneur Investment Program (VEIP) is proud to support veteran-owned businesses across the Midwest through this latest Ignition Challenge made possible by MidCountry Bank,” said PenFed Foundation Senior Director of Veteran Entrepreneurs Seda Goff. “Our mission is to provide veteran-owned companies the resources and network to access capital to build and grow their businesses.”
Businesses that are at least 50% military-owned and operated may submit proposals via the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) website here through May 29. The VEIP Selection Committee will review all proposals and select the top 15 submissions. Participants' descriptions and photos will be posted on the VEIP website, and the community is invited to vote for their favorite business from June 20 through June 29. The top five vote-getters will move on to a pitch competition at MidCountry Bank’s headquarters on July 14. The winner will receive $25,000 in funding and a promotional video, while second place will receive $15,000 and third will receive $10,000.
Additionally, VEIP staff will provide coaching and support to the winning entrepreneurs to help each fine-tune their business and help to further position them for future success. Finalists will also receive social media and media training, as well as national promotion. To learn more or to apply to future Ignition Challenges, visit veip.penfedfoundation.org/
Since 2018, the PenFed Foundation VEIP has accelerated more than 350 veteran-owned startups and helped educate over 4,700 veteran and military spouse entrepreneurs.