PenFed Black History Month Ignition Challenge

The PenFed Foundation’s Veteran Entrepreneur Investment Program (VEIP) has launched the Black History Month Ignition Challenge. The Ignition Challenge is a competition in which Black veteran entrepreneurs identify their business goals and compete for grants of up to $15,000, as well as business coaching from VEIP.

Amidst the pandemic, the PenFed Foundation Veteran Entrepreneur Investment Program realized the opportunity to prepare and strengthen veteran owned small businesses to better serve the economy and create meaningful jobs. Military entrepreneurs are perfectly poised to act on this opportunity as they have the resourcefulness, grit, and flexibility needed to succeed.


All veteran, active duty, guard, reserve or military spouses with a business idea or new company that are at least 50% military and Black founder owned and operated.

Elements of a strong application may include the following:

  • Business plan or executive summary
  • Dynamic and deeply engaged management team
  • High impact on challenges faced during these uncertain economic times
  • Well-researched product market or audience
  • Military community impact – either through business practice or product/service

Applications will be evaluated on the proposed idea and the impact it has on small business goals. 


If you experience any difficulties with the application form, click the paper copy button to complete a word document application. Email your completed application to [email protected].