TYSONS, Va., April 19, 2018 /PRNewswire-USNewswire/ --Today the PenFed Foundation announced the launch of its new Veteran Entrepreneur Investment Program (VEIP). Through Foundation contributions and matching funding of up to $1 million from PenFed Credit Union in 2018, 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.
"Approximately 200,000 veterans leave active duty each year and 25 percent of them plan to start their own business. There is no shortage of talent or ideas, just capital and a powerful network of support," said James Schenck, President and CEO of PenFed Credit Union. "PenFed is dedicated to innovating new ways to support the service men and women who fight and win our nation's wars. Investing in veteran entrepreneurs is not only the right thing to do, it is good for the economy, will create new jobs and help businesses thrive."
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 VEIP plans to invest in three to five selected businesses a year. Returns on all investments will go back into the program 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 Veteran Entrepreneur Investment Program not only helps fund veteran-owned businesses, it provides them with the network of support and guidance they need to succeed," Schenck added.
"The Veterans Entrepreneur Investment Program builds on the mission of the PenFed Foundation to provide those who have served, their families and caregivers the skills and resources they need to build a strong financial future," said Bruce Kasold, acting President and COO of the PenFed Foundation. "Veterans are tested, strong leaders who are especially mission driven. Through this program, we will enable veterans to build their own businesses, create jobs and build successful enterprises that will ultimately hire more veterans down the road. In short, the VEIP will help veterans build a strong financial future for themselves, their families and communities."
The VEIP marks a significant new area of focus for the PenFed Foundation, which was created in 2001. Since that time, the Foundation has provided more than $30 million in financial support to veterans, active duty service members, families and caregivers. Its key programs include:
Emergency financial assistance for veterans with disabilities
Caregiver assistance, such as childcare or educational assistance
Homeownership grants for low- to moderate-income veterans and service members to purchase their first home
Interest-free microloans for service members and reservists to combat and provide alternatives to predatory lending
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.