A U.S. Marine Corps veteran has been named the winner of PenFed Credit Union’s second annual Black History Month Ignition Challenge.
Reamonn Soto, founder of Sensatek Propulsion Technologies, will receive $25,000 in funding for his start-up as the result of his win.
The annual PenFed Foundation Black History Month Ignition 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.
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Sensatek Propulsion Technologies develops and manufactures wireless, high-temperature, gas turbine sensors to measure heat transfer data for customers in several industries including energy, aviation, and aerospace.
Second place winner Tiffany Lewis of TJL Collection will receive $15,000 and third place winner E. Sean Lanier of Resolve Solutions will receive $10,000.
Businesses that are at least 50% military- and Black founder-owned were invited to submit proposals and the PenFed Foundation Veteran Entrepreneur Investment Program selection committee reviewed all proposals and selected the top 15 submissions.
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The top 15 finalists' descriptions and photos were posted on the VEIP website and the community voted for Resolve Solutions, Sensatek Propulsion Technologies, and TJL collection as their favorite businesses. The three finalists then participated in a pitch competition on Feb. 24 with PenFed Credit Union and community leaders, where Soto was declared the winner.
“We look forward to following and supporting the trajectory of these three outstanding veteran-owned businesses,” said PenFed President/CEO and PenFed Foundation CEO James Schenck.
Non-profit Resolve Solutions provides educational, financial support, and early college preparation to under-represented/underserved students.
TJL Collection designs everyday wear for women, specializing in fashion for tall women.
In addition to funding, VEIP staff is providing coaching and support to the winning entrepreneurs to help each fine-tune their businesses and further position them for future success.
Finalists also receive social media and media training, as well as national promotion. To learn more or to apply to future Ignition Challenges, visit here.
Reach Julia LeDoux at Julia@connectingvets.com.