WASHINGTON — Officials from the PenFed Foundation announced $1 million in seed capital for veteran-owned business startups at their annual gala on Wednesday night, part of the group’s newly launched Veteran Entrepreneur Investment Program.

Foundation officials will select three to five businesses annually for the funding, with returns from any investments being funneled back into the program. Organizers are also promising participating veterans will have access to the group’s network of more than 1,700 business partners as they work to expand their businesses.

The move comes just a few weeks after a study from the Institute for Veterans and Military Families at Syracuse University found more veterans are considering launching their own businesses due to dissatisfaction with the civilian workforce, and as lawmakers consider new legislation to help get those veterans help with starting those businesses.

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