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Classified in: Business
Subjects: NPT, BLK, VET, DEI

PenFed Foundation Announces 'Black History Month Ignition Challenge' to Support Black Veteran and Military Spouse Entrepreneurs


TYSONS, Va., Jan. 6, 2022 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced the launch of the second annual PenFed Foundation Black History Month Ignition Challenge. The challenge supports Black veteran, active duty, guard, reserve, and military spouse entrepreneurs by helping them to identify their business impact and goals, and providing an opportunity to compete to win 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."

Businesses that are at least 50% military- and Black founder-owned may submit proposals via the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) website here through January 14. 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 February 1 through 10. The top three vote-getters will move on to a pitch competition. The winner will receive $25,000 in funding, 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/ignition-challenge/.

About PenFed Foundation
Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. Equal Housing Opportunity. To learn more, visit www.penfedfoundation.org.

 

SOURCE PenFed Foundation


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