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

PenFed Foundation Announces 'Black History Month Ignition Challenge' Top Three Finalists


TYSONS, Va., Feb. 14, 2022 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced Resolve Solutions, Sensatek Propulsion Technologies and TJL Collection as the top finalists for the second annual Black History Month Ignition Challenge, presented by PenFed Credit Union. The challenge supports Black veteran, active duty, guard, reserve, and military spouse entrepreneurs by helping them to identify their business impact and goals, and provides the finalists an opportunity to compete to win funding and mentorship.

"PenFed is proud to celebrate Black History Month and announce these three innovative entrepreneurs as finalists," said PenFed President/CEO and PenFed Foundation CEO James Schenck. "We are excited for the pitch competition later this month and will continue to support veteran businesses and the greater Black and military communities this month and beyond."

Businesses that are at least 50% military- and Black founder-owned were invited to submit proposals and the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) Selection Committee reviewed all proposals and selected the top 15 submissions. The top 15 finalists' descriptions and photos were posted on the VEIP website and the community voted for their favorite company. The three businesses with the most community votes are:

The three finalists will participate in a pitch competition February 24 with PenFed Credit Union and community leaders. The winner of the pitch competition 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 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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