Veteran Entrepreneur Program
Empowering Veterans and military spouses to launch and scale their businesses.
About Us
Since 2018, the Veteran Entrepreneur Program has supported more than 120 veteran and military spouse founders nationwide. Through The PenFed Foundation’s network of investors, mentors, and subject-matter experts, alumni have raised millions in early capital, built strategic relationships, and received world-class guidance from industry leaders.
Our program is made up of a two-track model: Incubator and Accelerator. This model allows us to support founders at every stage, from those developing a new idea to founders ready to scale an existing business. Our goal is to reach more veteran and miliary-spouse business owners, support a wider range of business types, and ensure every participant has access to the resources needed to grow.
Choose Your Program
2025 Top US Cities for Veteran Entrepreneurs
Testimonials
What's exciting about it is the connection to the military that everyone has. Everyone's a veteran, everyone has some sort of experience and background in military service. It's like-minded people that really, I believe, improve our creativity, thought, and focus as we go through the journey.
The PenFed Foundation's Veteran Entrepreneurship Program has been instrumental to MyHome. We are incredibly grateful for their commitment to veteran-led businesses like ours.
Leadership
Terry Williams, Program Director
Terry served in the U.S. Marine Corps for 32 years, attaining the rank of Brigadier General. During his time in the Corps, he commanded all levels and served in numerous staff assignments around the world. After retiring from the Marine Corps in 2019, Terry started Van Williams LLC, a consulting film specializing in Facilities Management, Logistics Innovation, and Executive Coaching before joining PenFed Credit Union as Senior Vice President of Global Fixed Assets and The PenFed Foundation as Program Director.
Rachel Miller, Senior Manager
Growing up in a military town and having had several family members in the military including her grandfather, who served in the Navy during the Korean War, and a great-grandfather, who served as part of the Navy Seabees during WWII, Rachel is passionate about honoring her family's legacy through her work in helping veterans. Rachel has an extensive and varied career, bringing several years of nonprofit experience and 14 years as an educator to the Foundation. Originally from Shreveport, Louisiana, she now lives in Bella Vista, Arkansas with her husband, two teenagers, yellow lab, and two hilarious cats.
Melissa Stone, Accelerator Program Manager
Growing up in a career military family, with every branch of the U.S. armed forces represented, Melissa developed a deep appreciation for service and sacrifice early in life. She has more than a decade of nonprofit leadership and organizational development experience, having built and scaled several national mission-driven programs. After two decades of frequent moving, Melissa made her home in Louisville, KY, where she lives with her husband, daughter, and a rotating crew of rescue animals.
FAQ's
General
The VEP is a PenFed Foundation initiative that helps military veterans and military spouses grow successful businesses. The program offers two main tracks — an Accelerator for existing businesses ready to scale, and an Incubator for early-stage or idea-phase ventures.
A veteran or military spouse who is the majority owner of the business.
Incubator: Best for entrepreneurs in the idea-to-MVP stage who may eventually fit the accelerator model or those starting lifestyle, franchise, or local service businesses (e.g., salons, food trucks, consulting).
- “Veteran or military spouse with an idea for a business, have no minimum viable product (MVP) or customers?” Apply for the Incubator
Accelerator: Designed for established companies with customers, traction, or scalable potential (e.g., tech, manufacturing, or national product lines). If your business idea is still being validated, start with the Incubator. If you’re looking to grow or scale your business, choose the Accelerator.
- “Veteran or military spouse business founder, have an MVP (minimum viable product) and early customers, want growth/funding?” Apply for the Accelerator
There is no cost to participate in either program. For the Accelerator program, we cover travel expenses including economy flights, hotel, and meals. For the Incubator, we cover all meals.
Our program is industry agnostic, but we do give priority to national security and defense businesses. What matters most is your commitment, readiness to learn, and potential for growth and impact.
You are expected to attend all sessions, to be engaged in the workshops, and to be coachable. We pride ourselves on ongoing relationships with our alumni, so your willingness to stay engaged with the Foundation staff is also a key to success.
Yes, we are happy to have you and your co-founder attend. We will cover costs for veteran or milspouse co-founders. If your co-founder is not a veteran or military spouse, they are still welcome to attend but must cover their own expenses. A max of two founders can participate, and we do not accept anyone other than founders into the program.
We are always looking for impactful mentors, speakers, and sponsors. If you are interested, please email mission@penfed.org
Selection Process
The selection process is highly competitive. The selection committee reviews applications on a monthly basis. Those who move to the next phase will be contacted by program staff to set up an interview in which we will get to know more about the founder and the business. Upon completion of the interview round, the selection committee meets again to discuss and make final recommendations. This process can be lengthy. If you have applied and haven’t received email communication from one of our staff, no decisions have been made yet. Someone from the VEP staff will contact each applicant whether you are or are not accepted into the program.
You may only participate in one program per year, but many founders may start with the Incubator and later advance to the Accelerator as their business grows.
Apply for the program that you feel best suits your business at its current stage. As we review applications, if we believe you would be a better fit for another program, we will reach out and let you know.
Graduates join our growing alumni network, and it is our hope that you will continue to engage with both your fellow veteran alumni as well as Foundation staff. As your businesses continue to grow and scale, we would love for our alumni to give back through mentorship, participation in cohort events, and recruitment efforts.