PenFed Foundation Announces $400,000 in New Funding for Veteran Entrepreneur Investment Program
TYSONS, Va., May 31, 2018-The veteran-owned and veteran-operated Black Rifle Coffee Company has pledged to donate $200,000 to the PenFed Foundation's newly launched Veteran Entrepreneur Investment Program (VEIP). PenFed Credit Union today announced it will match the donation with an additional $200,000 for a total contribution of $400,000. These funds will provide seed capital for veteran-owned business startups.
"PenFed is honored to partner with Black Rifle Coffee – a company led by a former Green Beret who employs and empowers our veterans," said James Schenck, President and CEO of PenFed Credit Union. "We are on a mission to work with veteran-owned companies like Black Rifle to help other veterans achieve dreams of their own. In the first month since we announced the Veteran Entrepreneur Investment Program, we have received enthusiastic response from veterans eager to apply for funding. These heroes deserve our support, and through this program, we can make a real impact on their lives."
"As a veteran-owned and operated company, Black Rifle Coffee strives to help other veterans successfully transition from the military into entrepreneurialism. Over 25% of post-9/11 veterans seek to launch their own business and BRCC is committed to seeing more of these companies become a reality. BRCC has flourished in large part due to the outstanding work ethic and discipline of our veteran employees. We can think of no better segment to invest in than our veterans," said Evan Hafer, Founder and CEO of Black Rifle Coffee Company.
The VEIP marks a significant new area of focus for the PenFed Foundation. The program will: provide veteran-owned start-ups with seed capital to build and grow their businesses, create a robust network for veteran-owned businesses to succeed and enable the PenFed Foundation to perpetually re-invest returns in future veteran-owned businesses.
The VEIP will be funded by outside donors with PenFed Credit Union matching up to $1 million in contributions in 2018 to the PenFed Foundation in order to launch this program. The PenFed Foundation VEIP plans to invest in three to five selected businesses a year. Returns on all investments will go back into the program to provide capital for more entrepreneurs.
$1 million was raised for the program at the PenFed Foundation's 14th Annual Night of Heroes Gala on May 2, thanks to a surprise donation of $500,000 from Allied Solutions and a matching $500,000 donation from PenFed Credit Union. With Black Rifle Coffee Company's donation and PenFed Credit Union's second matching contribution, a total of $1.4 million has been raised since the program was announced April 19.
In addition to providing capital, the program leverages the power of PenFed's network of more than 1,700 business partners and internal human capital to provide professional advice for strategic/business planning, HR and sales expertise, marketing opportunities and other support as needed.
Created in 2001, the PenFed Foundation has provided more than $30 million in financial support to veterans, active-duty service members, families and caregivers. Visit penfedfoundation.org to learn more.
About PenFed Foundation
Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to helping members of our military community secure their financial future. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, credit-building, home ownership, and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation and forge strong partnerships. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. To learn more, visit: www.penfedfoundation.org.
About PenFed Credit Union
Established in 1935 as the War Department Credit Union, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 1.6 million members worldwide with more than $23 billion in assets. Our long-standing mission is to provide superior financial services in a cost-effective manner, while being responsive to members' needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, student loans, personal loans, checking, certificates and a wide range of other financial services with members' interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. PenFed Credit Union offers many paths to membership, including numerous employee groups and association affiliations. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Opportunity Employer.
About Black Rifle Coffee Company
Founded in 2014 by CEO and former Green Beret Evan Hafer, Black Rifle Coffee Company was built upon the mission to provide coffee and culture to the people who love America. Between deployments to Iraq and Afghanistan, Hafer worked to refine both his coffee roasting and firearms skills. He spent over a decade researching, refining roast profiles and, of course, drinking lots of coffee. BRCC stands for more than just a high-quality, roast-to-order coffee company. It's a veteran-owned business operated by principled men and women who have served our country honorably and stand together to protect the business integrity, American values, the veteran community, and our families. They are proud individuals who focus on what's important: being kind, loyal, and protecting what they love: America.