PenFed Foundation Reveals Top U.S. Cities for Veteran Entrepreneurs in 2026
PenFed Foundation Reveals Top U.S. Cities for Veteran Entrepreneurs in 2026
The PenFed Foundation for Military Heroes has once again published its ranking of the best U.S. cities for veteran entrepreneurs in its 2026 report. This study is part of their ongoing commitment to assist military veterans in transitioning from service to civilian business success. Washington, D.C., was recognized for the second year in a row as the top city for veterans looking to start their own businesses, followed closely by Raleigh, North Carolina, and Austin, Texas.
The rankings were compiled in collaboration with Polco and the National Research Center (NRC), and they consider a variety of factors that affect a veteran's ability to thrive in a new business environment. Terry Williams, the director of the Veteran Entrepreneur Program and a retired U.S. Marine Corps Brigadier General, stated, “Where a veteran starts a business can fundamentally shape how quickly they find capital, customers, and a support network.” This underscores the significance of location in the success of transitioning veterans.
The ranking not only highlights large metropolitan areas but also assesses smaller towns, thereby providing a comprehensive look at opportunities for veterans across differing community types. In total, 387 metropolitan areas were evaluated based on 52 different indicators grouped into four primary categories: livability, veteran support, economic growth, and business startup feasibility.
Here is the complete list of the top 10 cities for veteran entrepreneurs in 2026:
1. Washington-Arlington-Alexandria, DC-VA-MD-WV
2. Raleigh-Cary, NC
3. Austin-Round Rock-San Marcos, TX
4. Denver-Aurora-Centennial, CO
5. Seattle-Tacoma-Bellevue, WA
6. Tampa-St. Petersburg-Clearwater, FL
7. Dallas-Fort Worth-Arlington, TX
8. Boston-Cambridge-Newton, MA
9. Charlotte-Concord-Gastonia, NC-SC
10. Virginia Beach-Chesapeake-Norfolk, VA
Among some noteworthy movements, Denver has leaped six positions to reach fourth place, while San Diego showed impressive growth, climbing 20 spots to finish at 17th. Additionally, both Columbus and San Jose have secured places in the top 20, reflecting a growing nationwide recognition of these cities as supportive environments for veteran entrepreneurs.
The study also highlighted the conditions in smaller cities, with Cheyenne, Wyoming, leading the way, followed by Lincoln, Nebraska, and Fargo, North Dakota, as the top three cities for small-town veteran entrepreneurs.
Since establishing the Veteran Entrepreneur Program in 2018, the PenFed Foundation has made significant strides in supporting over 350 veteran and military spouse founders. Through its extensive network of investors and experts, the program offers numerous resources such as mentorship, media training, and access to substantial startup capital. Remarkably, all program expenses are covered by the Foundation, ensuring that none of the participating businesses have to relinquish equity.
As veterans navigate their journey into entrepreneurship, understanding the landscape of opportunities provided by various metropolitan areas is crucial. The insights from this ranking allow veteran entrepreneurs to make informed decisions regarding where to establish their businesses, ultimately enhancing their chances for success.
For more details, the full 2026 report is accessible online through the PenFed Foundation. Established in 2001, the Foundation has provided more than $55 million in financial support to military veterans, active-duty service members, and their families, demonstrating its long-standing commitment to ensure veterans thrive in civilian life. For further information on programs and support, please visit www.penfedfoundation.org.
Topics People & Culture）
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