The PenFed Foundation for Military Heroes

The PenFed Foundation for Military Heroes is a national 501(c)(3) nonprofit organization dedicated to championing military service members, veterans, and their families. Founded in 2001 and affiliated with PenFed Credit Union, its mission is to empower these individuals with the skills and resources needed to achieve financial stability and successful transitions to civilian life. The organization is headquartered in Tysons, Virginia.

The Foundation operates primarily through two core programs: the Military Heroes Program and the Veteran Entrepreneur Program (VEP). The Military Heroes Program provides grants to non-profit partners, offers emergency financial assistance, and supports initiatives focused on wellness, creative healing, and community connection for service members and veterans. The Veteran Entrepreneur Program supports veteran and military spouse founders by offering free, equity-free access to mentorship, startup capital, and networking opportunities, including incubator and accelerator models for various stages of business development.

In recent news, the PenFed Foundation for Military Heroes raised over $1.3 million at its Celebration of Service event in April 2026, honoring significant contributions to the military and veteran communities. The organization continues to expand its reach, hosting a Veteran Entrepreneur Program incubator in Tysons, Virginia, in June 2026, and expanding the program to San Antonio for 2026. James Schenck serves as the PenFed Foundation CEO, while Andrea McCarren is the President. Since its inception, the Foundation has provided more than $55 million in financial support to military families, with PenFed Credit Union covering most administrative costs to maximize direct program funding.