TYSONS, Va. — The Washington metropolitan area ranked first for the second consecutive year in a PenFed Foundation for Military Heroes study of the best large U.S. metro areas for veterans to live in and build businesses.
Raleigh, N.C., retained second place in the 2026 Top U.S. Cities for Veteran Entrepreneurs study, while Austin, Texas, moved into third, the foundation said.
Denver climbed six places to fourth. Charlotte, North Carolina, and Virginia Beach, Virginia, moved into the top 10. San Diego posted the largest gain, rising 20 places to 17th, while San Jose, California, and Columbus, Ohio, also entered the top 20.
The foundation produced the study with Polco and the National Research Center as part of its Veteran Entrepreneur Program, which provides business accelerators, mentorship and access to capital.
Identifying Opportunities to ‘Thrive’
“Where a veteran starts a business can fundamentally shape how quickly they find capital, customers and a support network,” said Terry Williams, the program’s director and a retired Marine Corps brigadier general. “This study aims to help veteran entrepreneurs identify where they might thrive and give communities a clear guide on how they can best support their local heroes.”
The study evaluated 387 metropolitan areas using 52 indicators from more than 30 publicly available data sources. Indicators fell into four weighted categories: livability, support for veterans, a growing economy and the ability to start a business.
A separate ranking of the top 20 small cities was led by Cheyenne, Wyoming; Lincoln, Nebraska; and Fargo, North Dakota, according to the foundation.
More Than 350 Founders Get Support
Since 2018, the Veteran Entrepreneur Program has supported more than 350 veteran and military-spouse founders nationwide, the foundation said. Participants receive mentorship, media training and access to millions of dollars in startup capital through its network of investors and subject-matter experts. The foundation covers program costs and takes no equity in participating businesses.
Founded in 2001, the foundation is a national nonprofit that supports veterans as they move into civilian life.
