Veterans

How one bank is investing heavily in vet-owned business

The hardest part about starting a business is finding the seed capital to get the ball rolling. Like the first step of a thousand-mile journey, it's the hardest and most important. For many veterans, owning their own business is the way to financial freedom. There's a reason entrepreneurs call seed capital "friends and family money." Now veterans don't need to go around asking loved ones for the money – one bank is willing to jump start your idea.


To find out why, just take a look a the PenFed Foundation's Veteran Entrepreneur Investment Program. Besides the fact that PenFed serves the military-veteran community as a consumer base, it just makes sense for the PenFed Foundation to support veterans who are looking to start their own businesses. The numbers speak for themselves. While the number of vets who actually pursue entrepreneurship is relatively small compared to the number of separating military members, that doesn't mean there's a lack of interest, it might just mean there's a lack of capital to get started.

Simply put, veterans need money and knowhow. They already have the work ethic. The numbers back that fact up too.

Medal of Honor Recipient Florent Groberg will speak at the 2019 Military Influencer Conference.

Entrepreneurs who are business owners tend to out-earn entrepreneurs who are not veterans. Vets are also a much more diverse subgroup of Americans in terms of age, ethnicity, disability, and experience. There's nothing a vet can't do when faced with a big job full of hard work. But like many entrepreneurs, veterans or not, many lack the startup funds to get the ball rolling. That's where the PenFed Foundation's VEIP comes in.

The VEIP aims to develop and grow vet-owned startups with seed capital for all the reasons listed above but the most important reason to support these entrepreneurs is because vets become knowledge bases for other vets looking to start their own businesses. Not only that, veterans who own businesses are 30 percent more likely to hire veterans themselves.

Charlynda Scales, vet and founder of Mutt's Sauce is speaking at the 2019 Military Influencer Conference.

The PenFed Foundation is a national nonprofit organization founded in 2001 that is committed to helping members of our military community secure their financial future. Its mission is to provide service members, veterans, and their families and support networks with the skills and resources they need to build a strong financial future.The Foundation changes lives through financial education.

If you're interested in starting your own business and don't know where to begin, the Military Influencer Conferences are the perfect place to start. There, you can network with other veteran entrepreneurs while listening to the best speakers and panels the military-veteran community of entrepreneurs can muster. Visit the Military Influencer Conference website for more information.