The D.C. region is full of defense contractors, both big and small, and that contributes to opportunities for local military veterans to transition to the private sector. But the D.C. area falls short when it comes to supporting military veteran entrepreneurs, according to an annual report from the PenFed Foundation.
The Foundation, the nonprofit arm of PenFed Credit Union, ranked cities based on several major categories that support strong growth opportunities for veteran entrepreneurs, including livability, support for veterans, growing economy and ability to start a business.
While the D.C. metropolitan area ranked No. 1 among cities for support for veterans — with a low veteran unemployment rate, high veteran population and a plethora of groups and associations for veterans — it failed to make the top five in any of the other categories measured.
Overall, the area missed the top 10 by one spot, ranking No. 11.
Ranking overall No. 1 on the list is the Fayetteville, Arkansas, metropolitan area, with high job growth, low child care costs, a lower cost of living and investment in new housing.
Milwaukee landed at No. 2, with high scores for good schools, low foreclosure rates, increased productivity growth and lower child care costs.
Raleigh, North Carolina, ranked No. 3, with high median earnings and the number of entrepreneurs.
The Seattle, Washington, metropolitan came in at No. 4., with Madison, Wisconsin, rounding out the top five.
“Veteran-owned businesses often hire more veterans, so supporting veteran entrepreneurs provides more jobs and opportunities for the greater military community, who have served as PenFed’s core field of membership since 1935,” said PenFed Credit Union president and CEO James Schenck.
The 2023 Top U.S. Cities for Veteran Entrepreneurs report, prepared for PenFed by Edelman Data & Intelligence, also includes trends and regions making the most improvement or largest declines.
The PenFed Foundation has provided more than $55 million in financial support to veterans, active-duty services members and military families since its founding in 2001.
