The PenFed Foundation for Military Heroes Releases 2026 Ranking of Top U.S. Cities for Veteran Entrepreneurs

Washington, D.C. ranks first for the second year in a row, followed by Raleigh and Austin

TYSONS, Va., Nov. 4, 2026 /PRNewswire/ -- The PenFed Foundation for Military Heroes, a national nonprofit organization dedicated to supporting veterans in their transition from service to success, released its 2026 Top U.S. Cities for Veteran Entrepreneurs study, ranking the best large metro areas for veterans to live in and build businesses. The study was produced with Polco and the National Research Center (NRC) as part of the Foundation's Veteran Entrepreneur Program, which helps veteran-owned businesses grow through accelerators, mentorship and access to capital.

Washington, D.C., and Raleigh held the top two spots for the second year in a row, and Austin moved up to third. Denver jumped six spots to fourth, and Charlotte and Virginia Beach both rose into the top 10. San Diego made the biggest jump, climbing 20 spots to 17th, and San Jose and Columbus also entered the top 20.

"Where a veteran starts a business can fundamentally shape how quickly they find capital, customers and a support network," said Director of the Veteran Entrepreneur Program and retired U.S. Marine Corps Brig. Gen. Terry Williams. "This study aims to help veteran entrepreneurs identify where they might thrive and give communities a clear guide on how they can best support their local heroes."

The top 20 cities for veteran entrepreneurs include:

The study scored 387 metropolitan areas on 52 indicators drawn from more than 30 publicly available data sources. Indicators were grouped into four weighted categories: livability, support for veterans, a growing economy and the ability to start a business. The study also ranks the top 20 small cities for veteran entrepreneurs, led by Cheyenne, Wyoming; Lincoln, Nebraska; and Fargo, North Dakota. The full 2026 report is available here.

Since 2018, the Veteran Entrepreneur Program has supported more than 350 veteran and military-spouse founders across the country. Through the Foundation's network of investors and subject-matter experts, participants gain access to mentorship, media training and millions of dollars in startup capital. The Foundation covers all costs and takes no equity in participating companies.

About The PenFed Foundation for Military Heroes

Founded in 2001, The PenFed Foundation for Military Heroes is a national nonprofit organization that supports veterans in their transition from service to success in civilian life. Affiliated with PenFed Credit Union, the Foundation has provided more than $55 million in financial support to veterans, active-duty service members and military families. PenFed Credit Union covers the salaries and administrative costs of The PenFed Foundation for Military Heroes, so more of your donation goes right to our programs. To learn more, please visit www.penfedfoundation.org.

SOURCE PenFed Foundation for Military Heroes