TYSONS, Va., May 3, 2018 /PRNewswire/ -- The PenFed Foundation yesterday announced $1 million in initial funding for its newly launched Veteran Entrepreneur Investment Program (VEIP). At the 14th Annual PenFed Foundation Night of Heroes Gala, Allied Solutions' CEO Pete Hilger and his wife Debbie pledged to donate $500,000 on behalf of Allied Solutions to the VEIP. PenFed Credit Union President and CEO James Schenck announced that PenFed will match Allied Solutions' donation with an additional $500,000. The donations will provide seed capital for veteran-owned business startups.
The Hilgers made their surprise announcement at the gala on May 2 where they received the Corporate Hero Award for their support of military service members and their families through the PenFed Foundation.
"Allied Solutions and Pete and Debbie Hilger are true champions of our military heroes, veterans and their families. They have provided extraordinary support for the PenFed Foundation for years, and they live and breathe our values of honoring and empowering veterans," said Mr. Schenck. "We are humbled to accept their ongoing support and, through this generous donation, look forward to expanding the work of the PenFed Foundation to help our veterans achieve their dreams of owning their own businesses."
"Allied Solutions has been proud to support the PenFed Foundation since we attended the very first Night of Heroes Gala in 2005," said Mr. Hilger. "Since then, we have seen the impact this wonderful organization has had improving the lives of thousands of veterans, their families and caregivers. Through its new Veteran Entrepreneur Investment Program, the PenFed Foundation will provide the funds they need to start their own businesses and the network of support to succeed. We can't think of a better way to expand our support of our nation's defenders than through this program."
The VEIP marks a significant new area of focus for the PenFed Foundation. The program will: provide veteran-owned start-ups with seed capital to build and grow their businesses, create a robust network for veteran-owned businesses to succeed and enable the PenFed Foundation to perpetually re-invest returns in future veteran-owned businesses.
The VEIP will be funded by outside donors with PenFed Credit Union matching up to $1 million in contributions in 2018 to the PenFed Foundation in order to launch this program. The PenFed Foundation plans to invest in three to five selected businesses a year. Returns on all investments will go back into the VEIP to support future veteran-owned business ventures.
In addition to providing capital, the program leverages the power of PenFed and the PenFed Foundation's network of more than 1,700 business partners and its respective internal human capital to provide professional advice for strategic/business planning, HR and sales expertise, marketing opportunities and other support as needed.
The PenFed Foundation raised a record amount of more than $2.5 million at its 14th Annual Night of Heroes Gala. All proceeds go towards securing the financial future of America's veterans, service members and their families. Held at the Mandarin Oriental Hotel in Washington, D.C., the gala was attended by 600 military, business, community and government leaders.
Created in 2001, the PenFed Foundation has provided more than $30 million in financial support to veterans, active duty service members, families and caregivers. Visit penfedfoundation.org to learn more.
About PenFed Foundation
Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to helping members of our military community secure their financial future. 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, credit-building, home ownership, and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation and forge strong partnerships. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. To learn more, visit: www.penfedfoundation.org.
About PenFed Credit Union
Established in 1935 as the War Department Credit Union, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 1.6 million members worldwide with more than $23 billion in assets. Our long-standing mission is to provide superior financial services in a cost-effective manner, while being responsive to members' needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, student loans, personal loans, checking, certificates and a wide range of other financial services with members' interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. PenFed Credit Union offers many paths to membership, including numerous employee groups and association affiliations. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Opportunity Employer.
SOURCE PenFed Foundation