The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, announced the findings of its annual study on the top U.S. cities for veteran entrepreneurs. The PenFed Foundation Veteran Entrepreneur Program, which supports veteran entrepreneurs from the idea stage to Series A and beyond, conducted the study in partnership with Edelman Data and Intelligence.

According to the 2024 study, Raleigh maintained its position as the top city for veterans to start their businesses. Washington and Seattle made improvements to claim the second and third positions. This year's study placed a special emphasis on larger cities and their major veteran- owned businesses that have succeeded. Each city is analyzed across four main categories, which include livability, economic growth, support for veterans and ability to start a business. The study also ranked smaller cities in a separate category to highlight the advantages of both large and small cities. The full study results can be found here.

"America's veterans make terrific entrepreneurs because they are adaptable, agile, resilient and mission-focused, which is the perfect combination for a successful business owner," said PenFed Foundation President Andrea McCarren. "That's why the PenFed Foundation is proud to commission this study for the fifth year in a row highlighting the cities that are making strides to support these veteran businesses."

The top 20 cities for veteran entrepreneurs include:

1. Raleigh, NC Metro Area

2. Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area

3. Seattle-Tacoma-Bellevue, WA Metro Area

4. Cleveland-Elyria, OH Metro Area

5. Fayetteville-Springdale-Rogers, AR-MO Metro Area

6. Cincinnati, OH-KY-IN Metro Area

7. Milwaukee-Waukesha-West Allis, WI Metro Area

8. Kansas City, MO-KS Metro Area

9. New York-Newark-Jersey City, NY-NJ-PA Metro Area

10. Houston-The Woodlands-Sugar Land, TX Metro Area

11. San Antonio-New Braunfels, TX Metro Area

12. Dallas-Fort Worth-Arlington, TX Metro Area

13. Tampa-St. Petersburg-Clearwater, FL Metro Area

14. Austin-Round Rock, TX Metro Area

15. Atlanta-Sandy Springs-Roswell, GA Metro Area

16. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area

17. Charlotte-Concord-Gastonia, NC-SC Metro Area

18. Denver-Aurora-Lakewood, CO Metro Area

19. Las Vegas-Henderson-Paradise, NV Metro Area

20. Nashville-Davidson--Murfreesboro--Franklin, TN Metro Area

To paint the full picture of veteran support, city characteristics and entrepreneurship ability across the US, the study used a custom scoring algorithm based on a robust set of quantitative data from existing PenFed partners and openly available data sources. 390 metropolitan statistical areas were evaluated.

Since 2018, the Veteran Entrepreneur Program has accelerated over 100 military founders. Through The PenFed Foundation and its investor partnerships, alumni founders have accessed several million dollars in startup capital.