Washington, D.C., New York City And Seattle retain the top places for the second consecutive year despite the economic impacts of inflation
TYSONS, Virginia., October 27, 2022 /PRNewswire/ — Today, the PenFed Foundation, a national 501(c)(3) organization founded by PenFed Credit Union, announced the findings of its annual study of America’s top cities for seasoned entrepreneurs. The PenFed Foundation Veteran Entrepreneur Investment Program (VEIP), which supports startups and veteran-owned businesses with access to networks and capital, conducted the study in partnership with Edelman Intelligence.
PenFed Foundation Study Reveals Best U.S. Cities for Veteran Entrepreneurs in 2022
According to the 2022 study, for the second year in a row, Washington, D.C., new YorkAnd Seattle has proven to be one of the best cities for veterans to start their business. Top emerging cities, or those that have made the most progress since the PenFed Foundation’s 2021 study, include Sioux Falls, Tampa, Cincinnati And Fast city. The study analyzed four main categories for each city, including livability, economic growth, support for veterans and ability to start a business. As the country faces the economic impacts of inflation, the study particularly focused on how inflation affects cities differently. The full results of the study can be viewed here.
“The resilience and entrepreneurial spirit of the military community is invaluable to our nation’s business sector. That’s why PenFed is proud to commission this study for the third year in a row, highlighting cities that are making strides to support veteran businesses,” PenFed Credit Union said. President, CEO and CEO of the PenFed Foundation James Schenck. “We want to help cities around the world United States understand which environments are best suited for military veterans to start and grow businesses and inspire city leaders to take the necessary steps to support veteran entrepreneurs.
“Additionally, veteran-owned businesses often hire more veterans, so supporting veteran entrepreneurs provides more jobs and opportunities for the military community as a whole, which has been PenFed’s membership base since 1935,” added Schenck.
The top 20 cities for seasoned entrepreneurs (changes since 2021 report) include:
1) Washington –Arlington –Alexandria DC-VA-MD-WV Metro Area ( – )
2) new York –Newark –Jersey City Metropolitan Area NY-NJ-PA ( – )
3) Seattle – Tacoma – Bellevue WA Metro Area ( – )
4) Dallas –Fort Worth –Arlington TX metro area (+1)
5) Houston –The Woodlands –Sugar Land TX metro area (+7)
6) Austin –Round Rock TX Metro Area (+7)
7) Sioux Falls SD Metropolitan area (+13)
8) Cleveland –Elyria Ohio metro area (-1)
9) Rapid City SD Metropolitan area (+12)
ten) Boston –Cambridge-Newton MA-NH Metro Area (-4)
11) Raleigh North Carolina Metropolitan area (-2)
12) Tampa -St. Saint PETERSBOURG –Clearwater FL Metropolitan area (+12)
13) Madison, Wisconsin Metropolitan area (+4)
14) MO-KS Kansas City Metro Area (-6)
15) Minneapolis -St. Paul–Bloomington MN-WI Metro Area (-9)
16) Chicago –Naperville –Elgin IL-IN-WI Metro Area (-12)
17) Columbus OH Metropolitan area (-1)
18) Cincinnati, Ohio-KY-IN metropolitan area (+11)
19) Jacksonville FL Metropolitan area (-4)
20) McAllen –Edinburgh –Mission TX Metropolitan area (+6)
The top four emerging cities for seasoned entrepreneurs are:
1) Sioux Falls SD Metropolitan area (+13)
2) Tampa-St. Saint PETERSBOURG-Clearwater FL Metropolitan area (+12)
3) Cincinnati, Ohio-KY-IN metropolitan area (+11)
4) Rapid City SD Metropolitan area (+6)
To paint a comprehensive picture of veteran support, city characteristics, and entrepreneurial capacity in the United States, the study used a custom scoring algorithm based on a robust set of quantitative data from existing PenFed partners and freely available data sources. 390 metropolitan statistical areas were assessed.
VEIP has a three-pronged approach to building a strong network for startups and veteran-owned businesses:
- Education through virtual and in-person workshops;
- Preparation through the Masters Program, a one-year fundraising accelerator and the Ignition Challenges; And
- Seed capital investment, providing access to other capital investment programs and connecting entrepreneurs with funders.
Since 2018, PenFed Foundation VEIP has accelerated the creation of more than 350 veteran-owned startups and helped train more than 4,700 veteran and military spouse entrepreneurs.
To learn more about the PenFed Foundation’s work with seasoned entrepreneurs or to donate to the Foundation, please visit www.penfedfoundation.org.
About the PenFed Foundation
Founded in 2001, the StyloFed The Foundation is a national nonprofit organization committed to giving service members, veterans and their communities the skills and resources needed to achieve financial stability and opportunity. It provides military members, veterans, their families and support networks with the skills and resources they need to improve their lives through financial education programs, accession to property, veteran entrepreneurship and short-term assistance. Affiliated with StyloFed Credit Union, the Foundation has the resources to effectively reach military communities across the country, build strong partnerships and engage a corps of dedicated volunteers in its mission. The credit union funds the Foundation’s staff and most operational costs, demonstrating its strong commitment to the programs offered by the Foundation. To learn more, visit www.penfedfoundation.org.
SOURCE PenFed Foundation
