PenFed Foundation Announces 'Black History Month Ignition Challenge' Top Three Finalists
The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, announced Resolve Solutions, Sensatek Propulsion Technologies and TJL Collection as the top finalists for the second annual Black History Month Ignition Challenge, presented by PenFed Credit Union. The challenge supports Black veteran, active duty, guard, reserve, and military spouse entrepreneurs by helping them to identify their business impact and goals, and provides the finalists an opportunity to compete to win funding and mentorship.
"PenFed is proud to celebrate Black History Month and announce these three innovative entrepreneurs as finalists," said PenFed President/CEO and PenFed Foundation CEO James Schenck. "We are excited for the pitch competition later this month and will continue to support veteran businesses and the greater Black and military communities this month and beyond."
Businesses that are at least 50% military- and Black founder-owned were invited to submit proposals and the PenFed Foundation Veteran Entrepreneur Investment Program (VEIP) Selection Committee reviewed all proposals and selected the top 15 submissions. The top 15 finalists' descriptions and photos were posted on the VEIP website and the community voted for their favorite company. The three businesses with the most community votes are:
- Resolve Solutions, founded by U.S. Army veteran E. Sean Lanier, is a 501(c) 3 non-profit corporation dedicated to providing educational, financial support and early college preparation to under-represented/underserved students.
- Sensatek Propulsion Technologies, founded by U.S. Marine Corps veteran Reamonn Soto, develops and manufactures wireless, high-temperature, gas turbine sensors to measure heat transfer data for customers in several industries including Energy, Aviation and Aerospace.
- TJL Collection, founded by U.S. Navy veteran Tiffany Lewis, is a fashion house that designs everyday wear for women. TJL Collection is known for specializing in fashion for tall women.
The three finalists will participate in a pitch competition February 24 with PenFed Credit Union and community leaders. The winner of the pitch competition will receive $25,000 in funding, while second place will receive $15,000 and third will receive $10,000.
Additionally, VEIP staff will provide coaching and support to the winning entrepreneurs to help each fine-tune their business and help to further position them for future success. Finalists also receive social media and media training, as well as national promotion.