PenFed Foundation Launches Ignition Challenge Presented by MidCountry Bank to Support Midwestern Military Entrepreneurs

Veterans and military spouses living in Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin are invited to submit proposals to PenFed Foundation's Veteran Entrepreneur Investment Program (VEIP) for funding and mentorship

TYSONS, Va., May 18, 2022 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced the launch of the second PenFed Foundation Ignition Challenge presented by MidCountry Bank. The challenge supports veteran, active duty, guard, reserve and military spouse entrepreneurs living in Iowa, Minnesota, North Dakota, South Dakota and Wisconsin by helping them to identify their business impact and goals and providing an opportunity to compete to win funding and mentorship.

"PenFed Foundation's Veteran Entrepreneur Investment Program (VEIP) is proud to support veteran-owned businesses across the Midwest through this latest Ignition Challenge made possible by MidCountry Bank," said PenFed Foundation Senior Director of Veteran Entrepreneurs Seda Goff. "Our mission is to provide veteran-owned companies the resources and network to access capital to build and grow their businesses."

Businesses that are at least 50% military-owned and operated may submit proposals via the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) website here through May 29. The VEIP Selection Committee will review all proposals and select the top 15 submissions. Participants' descriptions and photos will be posted on the VEIP website, and the community is invited to vote for their favorite business from June 20 through June 29. The top five vote-getters will move on to a pitch competition at MidCountry Bank's headquarters on July 14. The winner will receive $25,000 in funding and a promotional video, while second place will receive $15,000 and third will receive $10,000.

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. Finalists will 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/.

Since 2018, the PenFed Foundation VEIP has accelerated more than 350 veteran-owned startups and helped educate over 4,700 veteran and military spouse entrepreneurs.

About PenFed Foundation
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