For many veterans dreaming of starting their own business, finding resources to help fulfill their goals can often be a frustrating process.
That’s where the PenFed Foundation for Military Heroes comes in.
PenFed, based in Raleigh, North Carolina, is a national nonprofit organization that offers programs for veterans to help them transition from service time to a successful post-military career. On March 18-20, in Raleigh, the organization will host the first of five Veteran Entrepreneur Program incubator cohorts this year.
Founded in 2001, the organization is affiliated with the PenFed Credit Union and has granted $55 million in financial assistance to veterans, active-duty military members and families. According to its website, the organization has supported over 140,000 veterans and service members through donations, sponsorships and veteran service organizations.
Hands-on Training and Guidance
According to a press release, the program will give new veterans and military spouses looking to start a business first-hand training and mentorship to help turn their dream into reality.
“By focusing on business fundamentals and practical guidance, we help veterans and military spouses gain the confidence and skills they need to develop, improve and launch their ideas,” Williams said.
The cohort will feature three days of in-person training, followed by six weeks of virtual learning. The program is geared toward business owners who are ready for the idea-to-minimum viable product (MVP) stage. In addition, the program assists entrepreneurs hoping to grow and tweak their business model but lack customers or don’t yet have a fully developed product.
In Raleigh, PenFed Foundation will team with the First Flight Venture Center (FFVC), an incubator serving science-based startup businesses in North Carolina. FFVC has served as a vital partner in PenFed’s expansion of programming in North Carolina’s Research Triangle, according to the release.
Skills to Grow and Develop
Terry Williams, director of the Veteran Entrepreneur Program, said the incubator is designed to meet aspiring veteran entrepreneurs where they are in their business-building process.
Those wishing to sign up for the program must be veterans or military spouses dedicated to growing their business, have a somewhat structured business plan or are in the early stages of creating a prototype, and are prepared to test and alter their concept. Participants should live near Raleigh or be willing to travel to the program, as travel expenses will not be covered.
Business owners interested in attending the Raleigh program can visit the Veteran Entrepreneurship Program website to apply.
Other cohorts in 2026 include Pittsburgh, Pennsylvania, April 29-May 1, Tysons, Virginia, June 17-19, New York City, Aug. 12-14, and Boston, Massachusetts, Oct. 14-16.
