Black-owned businesses are a significant and quickly growing part of the American economy. As of 2012, there were 2.6 million Black-owned businesses in the U.S., an increase of 34.5 percent since 2007. These businesses generate $127.9 billion in annual revenues. Over 270,000 of these businesses are owned by Black veterans according to a Census bureau study. Unfortunately, 82 percent of African American veterans experience at least one obstacle or barrier to starting and owning their business. PenFed Credit Union and the PenFed Foundation have announced a program in order to help Black-owned businesses, particularly for its veterans.

The Veteran Entrepreneur Investment Program (VEIP) launched the Black History Month Ignition Challenge, presented by the PenFed Credit Union on Monday, January 11 as part of this effort. The Ignition Challenge is a competition in which veterans, active duty, guard, reserves, and military spouses identified new business or business ideas. The top 15 proposals were then selected by their peers. Grant awards are as follows: $15,000 for first place, $10,000 for second place, and $5,000 goes to the third place business. The three finalists will receive pitch preparation, digital marketing and media support.

Voters can visit the following link and vote until February 17. The winners will be announced on February 18.