The PenFed Foundation for Military Heroes, a national nonprofit organization dedicated to supporting veterans in their transition from service to success in civilian life, announced the findings of its annual study on the top U.S. cities for Veteran entrepreneurs. The Foundation's Veteran Entrepreneur Program, which is designed to equip veteran and military spouse entrepreneurs with the tools to grow their network and scale their businesses, conducted the study in partnership with Polco and the National Research Center (NRC).

According to the 2025 study, Washington D.C. claimed the top spot as the best city for Veterans to start a business. Raleigh took second place, and Tampa made major improvements, moving from 13th to third place. Each metropolitan area was measured by livability, support for Veterans, economic growth and ability to start a business. The study also ranked the top 20 small-sized cities for Veteran entrepreneurs, highlighting opportunities for success in both big cities and smaller markets. Fayetteville, N.C. took the number 10 spot on the small city list.

"Our nation's Veterans bring leadership, discipline, and an unwavering commitment to every challenge they take on," said Andrea McCarren, president of the PenFed Foundation for Military Heroes, in a press release. "Those same qualities make them exceptional entrepreneurs. This study shines a spotlight on the cities that are creating real opportunities for veterans to thrive as business owners."

The full study results can be found here.