TYSONS, Va.—The PenFed Foundation has launched the Black History Month Ignition Challenge, which it said 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.
Proposals for new businesses and ideas can be submitted via the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) website through January 18. The VEIP Selection Committee will review all proposals and select the top 10-20 submissions. Participants’ pitches and photos will be posted on the VEIP website and the community is invited to vote for their favorite idea Feb. 1-17. The winner with the most votes will receive $15,000 in funding, while second place will receive $10,500 and third will receive $5,000.
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.
“PenFed is proud to celebrate Black History Month and support the Veteran Entrepreneur Investment Program’s Ignition Challenge for Black entrepreneurs,” said PenFed President/CEO and PenFed Foundation CEO James Schenck. “The program is designed to highlight, celebrate and support Black veteran and military spouse entrepreneurs and their positive community impact.”
Three-Pronged Approach
Founded in 2018, the PenFed Foundation said VEIP has a three-pronged approach to create a robust network for veteran-owned start-ups and businesses:
* Investment of seed capital, providing access to other capital investment programs and connecting entrepreneurs to funders
* Preparation through the Master’s Program, a year-long fundraising accelerator
* Education through virtual and in-person Pop-Up Lab workshops.
The PenFed Foundation was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.