Nonprofit organization PenFed Foundation has launched the Veteran Entrepreneur Investment Program (VEIP) to provide financial assistance to veteran business owners. The foundation was founded in 2001 with the mission to provide the resources and skills needed by service members, veterans and their families to have a strong financial future.
VEIP will provide seed capital to help veteran-owned startups develop and grow. It is important to support veteran entrepreneurs because they can share their knowledge and experiences with other veterans who are planning to start their own businesses. In addition, they are more likely to hire veterans than other entrepreneurs.
A study found that veteran entrepreneurs tend to earn more than other entrepreneurs. They are also the most diverse subgroup of Americans in terms of experience, disability, ethnicity and age. Veterans have the work ethic and the discipline to be successful in business. All they need is financial support to get them started.