PenFed Foundation Veteran Entrepreneur Program (VEP)
PenFed Foundation for Military Heroes
Free (no cash grant, travel covered)
Free incubator & accelerator for veteran founders
The PenFed Foundation Veteran Entrepreneur Program is a free incubator and accelerator for veteran and military-spouse business owners, running since 2018. In 2026 it expanded to a two-track model: an Incubator for idea-stage and early-business founders (no MVP required), and an Accelerator for growth-stage companies with customers and traction. No equity is taken. Programs include in-person intensive sessions, virtual programming, investor access, mentorship, and networking. Monthly cohort selection.
- Funding type
- Program
- Level
- Private
- Amount
- No cash grant or equity investment. Program is completely free to participants. For the Accelerator track, PenFed Foundation covers economy flights, hotel, and meals for in-person intensive sessions.
- Realistic amount
- No direct cash disbursement. Value is in investor access, mentorship, and strategic relationships. The in-person Acceler…
- Deadline
- Rolling — selection committee reviews applications monthly. Apply anytime; participants can only enter one track per year.
- Status
- active
- States
- Nationwide
- Payment model
- subsidized services
Who qualifies
- Applicant must be a veteran or military spouse who is the majority owner of the business
- Incubator track: open to idea-stage ventures or those without a minimum viable product (MVP) and customers
- Accelerator track: requires an established business with customers, demonstrated traction, and scalable growth potential
- Both tracks are industry-agnostic; Accelerator prioritizes national security and defense businesses but accepts all industries
- Participants can only apply to one program track per calendar year
Hard requirements
- Veteran ownership required
- Demographic eligibility: veteran-owned
What it covers
Eligible expenses
- Not applicable — program delivers services and in-person travel support, not direct business funding
Ineligible expenses
- Not applicable — no cash disbursement for business expenses
How to apply
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1
Select Incubator or Accelerator track based on business stage
Choose Incubator if you are idea-stage or pre-customer. Choose Accelerator if you have paying customers and are focused on growth and scaling. Both are free; Accelerator covers travel.
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2
Submit application at penfedfoundation.org/our-programs/vep/
Complete the online application including: veteran/military spouse status, business description, stage of development, and goals for the program. Applications reviewed monthly.
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3
Interview with program staff
Selected applicants are invited to a virtual interview with PenFed Foundation staff to assess fit for the selected track and program readiness.
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4
Participate in in-person intensives and virtual programming
Accelerator: 4-day in-person intensives at various US cities in 2026, plus 6 weeks of virtual programming. Incubator: virtual curriculum covering business fundamentals, market validation, and launch planning.
Accelerator track prioritizes defense/national security businesses but accepts all industries. Monthly cohorts mean no long wait — apply, get interviewed, and if accepted, join the next cohort cycle. Over 120 veteran founders have gone through the program since 2018.
Deadline & timing
Applications accepted year-round with monthly cohort review. The 2026 program schedule hosts five Accelerator cohorts at various locations. Incubator programming runs on a separate virtual schedule. Participants may only join one program per year.
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Last reviewed 2026. GrantCompass is an independent funding-discovery tool and is not affiliated with any government agency. Always confirm details on the official program page.