Earlier this month, the PenFed Foundation announced that hey would be using $1 million as seed capital to invest in veteran-owned business startups. The new capital investment will be apart of the newly launched Veteran Entrepreneur Investment Program (VEIP) with the goal of supporting a growing business ownership demographic.
According to a study released by the Institute for Veterans and Military Families at Syracuse University, “ore veterans are considering launching their own businesses due to dissatisfaction with the civilian workforce, and as lawmakers consider new legislation to help get those veterans help with starting those businesses.” The US Census currently estimates that there are more than 2.5 million veteran owned companies in the country.
VEIP will look to select three to five businesses to invest in on an annual basis. The goal is to take the return from all investments and use it to support the next generation of veteran entrepreneurs. “Organizers are also promising participating veterans will have access to the group’s network of more than 1,700 business partners as they work to expand their businesses.”
For more information on the program, check out http://www.pentagonfoundation.org/