OpenPrivate programOpen to for-profit businesses

PenFed Foundation Veteran Entrepreneur Program (Accelerator and Incubator)

PenFed Foundation (funded by PenFed Credit Union)No deadline listed

Summary

Free, zero-equity accelerator and incubator for majority veteran- or military-spouse-owned startups, funded by PenFed Credit Union. Accelerator covers travel, hotel and meals and offers a shot at non-dilutive pitch funding. Applying now for 2027 cohorts; reviewed monthly.

About this grant

The PenFed Foundation, whose personnel and most operating costs are funded by PenFed Credit Union, runs a free, zero-equity Accelerator and Incubator for veteran and military spouse founders. The Accelerator (national, for businesses with an MVP and early traction) covers flights, hotels and meals for a 4-day intensive plus 6 weeks of mentorship, with a chance to compete in an annual pitch competition for non-dilutive funding; the local Incubator serves founders with ideas but no product, with seed funding for select founders. Applications for 2027 cohorts are being accepted and reviewed monthly.

Who can apply

  • Small businesses
  • For-profit companies

Veteran or military spouse who is the majority owner of the business

Accelerator: validated or launched product/service (MVP) with early traction and potential to grow regionally or nationally; accepts companies from anywhere in the United States

Incubator: founders with an idea but no product or revenue; must live in or commute to the cohort area

Up to two founders per company; industry agnostic, with priority for national security and defense businesses

Topics and uses of funds

Topics

  • Entrepreneurship
  • In kind

Money can be used for

  • Technical assistance
  • Training

Set-asides

  • Veteran owned

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