The PenFed Foundation in Virginia has received a $100,000 donation from MidCountry Bank, Bloomington, Minn., to help it empower military members, veterans and caregivers with financial stability and opportunity. The funds will be used to provide members of the military community with emergency financial assistance, help veterans achieve the dream of home ownership and support investments in veteran entrepreneurs.
A portion of MidCountry Bank’s donation will be used to provide veterans with emergency financial assistance, including funding for the Foundation’s COVID-19 Emergency Financial Relief Program. To date, over 1,000 military families have received COVID-19 emergency financial relief since March 17.
“We are very thankful for the generosity of MidCountry Bank as we continue to support the military community during these challenging times,” said PenFed Foundation President, retired U.S. Army Gen. John “Mick” Nicholson, Jr. “This donation helps us continue our work of ensuring service members are able to serve our nation free of financial worry and that veterans live with a strong financial future.”
Funds will also be used to support members of the military community in MidCountry Bank’s backyard of Minnesota, North Dakota, South Dakota, Iowa and Wisconsin achieve their dreams of home ownership. The Foundation’s Dream Makers Grant provides active duty, Reserve, National Guard or veteran first-time homebuyers with matching grants for down payment and closing cost assistance. MidCountry Bank is also supporting veteran entrepreneurs through the Veteran Entrepreneurship Investment Program.
“MidCountry is grateful for the opportunity to support such an important cause, made even more crucial during the pandemic,” said Steve Meads, president and CEO of the $832 MidCountry. “As a community bank, we look for meaningful ways to give back. This new partnership serving veterans in a variety of ways aligns well with our core values.”
The PenFed Foundation was started in 2001 by PenFed Credit Union, Tysons, Va., to provide service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance.