For the second year in a row, the PenFed Foundation ranks the D.C. metro area No. 1 on its list of the Top 20 Cities for Veteran Entrepreneurs.
The rankings are based on livability, economic growth, ability to start a business and support for veterans, among other things.
“D.C. ranks No. 2 for the highest concentration of veterans. It has one of the lowest veteran unemployment rates. D.C. ranks No. 1 in the Veteran Administration’s expenditures for veterans, and it ranks No. 2 for the number of VA-accredited attorneys,” said PenFed Credit Union CEO James Schenck.
According to census data, 7.5% of D.C.-area businesses are veteran-owned.
About one in five of the 200,000 people nationwide transitioning from military service to the private sector each year starts a business.
“Veteran-owned businesses are exciting because they hire more veterans than anybody else. They have great educational backgrounds. They have great resiliency. They need a little bit of help on how to launch. A lot of folks have a great idea. It is getting the resources in how to formalize it into a business plan,” Schenck said.
The nonprofit’s Veteran Entrepreneur Investment Program has accelerated more than 350 veteran-owned startups and has educated more than 4,700 veteran and military spouses through workshops, a fundraising accelerator and its own master’s program.
The Small Business Administration also has a robust Office of Veterans Business Development program, as does the Department of Veterans Affairs.
The General Services Administration’s VETS2 GWAC is a service-disabled, veteran-owned small business set aside for government contracting, and there are dozens of nonprofits offering assistance with business planning and raising capital.
A group of veteran support organizations, including Uplift Energy Coaching, NABVets/NAMVets and Unite is holding a Nov. 12 clinic for retired service members wanting to start their own businesses. It will be in Greenbelt, Maryland.
Existing business owners can be a strong resource.
“If you’re a lawyer, if you’re a doctor, if you run a retail business, you can support a veteran,” Schenck said. “Whatever business you’re in, if this interests you, you have valuable skills that a veteran might need in launching their business.”
The PenFed Foundation’s ranking of top cities for veteran entrepreneurs uses 30 data sources with no subjective research, including government databases, private foundations, census data and the Veterans Affairs department. The full report is online.
Below are the top 20 cities for veteran entrepreneurs in the PenFed Foundation’s 2022 report:
