TYSONS, Va., Feb. 28, 2022 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced Reamonn Soto, U.S. Marine veteran and founder of Sensatek Propulsion Technologies, as the winner of the second annual Black History Month Ignition Challenge, presented by PenFed Credit Union. As winner of the pitch competition, Soto will receive $25,000 in funding, while second place winner Tiffany Lewis of TJL Collection will receive $15,000 and third place winner E. Sean Lanier of Resolve Solutions will receive $10,000.
The annual PenFed Foundation Black History Month Ignition 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 we congratulate Reamonn, Tiffany and Sean on their success," said PenFed President/CEO and PenFed Foundation CEO James Schenck. "We look forward to following and supporting the trajectory of these three outstanding veteran-owned businesses."
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 Resolve Solutions, Sensatek Propulsion Technologies and TJL collection as their favorite businesses.
Resolve Solutions is a 501(c) 3 non-profit corporation dedicated to providing educational, financial support and early college preparation to under-represented/underserved students.
Sensatek Propulsion Technologies develops and manufactures wireless, high-temperature, gas turbine sensors to measure heat transfer data for customers in several industries including Energy, Aviation and Aerospace.
TJL Collection is a fashion house that designs everyday wear for women. TJL Collection is known for specializing in fashion for tall women.
The three finalists then participated in a pitch competition February 24 with PenFed Credit Union and community leaders, where Soto was declared the winner. In addition to funding, VEIP staff is providing coaching and support to the winning entrepreneurs to help each fine-tune their businesses and 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/.
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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