PenFed Foundation Veteran Entrepreneur Investment Program Invests in Flagship Management to Promote Veteran Jobs and Physical Therapy

PenFed Foundation provides capital investment and support network to expand Flagship Management, a veteran-owned vendor of physical therapy equipment

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PenFed Foundation

Apr 09, 2020, 06:00 ET

TYSONS, Va., April 9, 2020 /PRNewswire/ -- Today, the PenFed Foundation is pleased to announce it has invested in Flagship Management as a recipient of its Veteran Entrepreneur Investment Program (VEIP). Cofounded by U.S. Navy veteran Dan Kervick, Flagship Management is a full-cycle, turnkey capital equipment servicing and reseller for healthcare companies. PenFed Foundation is providing Flagship Management with an investment to expand headcount, build existing infrastructure and invest in new technology and compliance software.

"We're proud to invest in veteran-owned businesses making a positive impact and improving lives," said James Schenck, president & CEO of PenFed Credit Union and CEO of PenFed Foundation. "It's important to continue investing in our communities even during this challenging time for our nation. We know that veteran-founded companies provide more jobs for veterans, and Flagship Management is a growing employer with veterans representing over 70% of their technicians."

Flagship Management serves as a full-cycle, turnkey capital equipment servicing and reseller for healthcare companies: equipment sales, delivery and installation, preventative maintenance, electrical safety inspections, calibrations, field and bench repairs, re-upholstery, relocations and discard.

"I am honored to have been selected and look forward to continuing to work with the PenFed Foundation," said Kervick. "PenFed Foundation's support of veteran entrepreneurs is inspiring and their commitment to the military community is demonstrated daily as they work to provide veterans with strong financial futures. This investment will enable Flagship Management to grow and hire even more veterans."

PenFed Foundation's VEIP exists to help Kervick and other veteran entrepreneurs overcome their biggest obstacle: obtaining capital and a network of support. Program participants can receive an investment from the Foundation to grow their business and are connected with a support network of over 1,700 business partners. Since its launch in 2018, VEIP has provided over $2 million in support of veteran entrepreneurs.

"Veterans are known for their resourcefulness, leadership abilities and unique skillsets," said PenFed Foundation President and retired Army General John "Mick" Nicholson. "We are proud to invest in Daniel and the Flagship Management team and look forward to seeing the innovative ways in which the company grows and continues to support the military community."

About PenFed Foundation
Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to helping members of our military community secure their financial future. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, credit-building, homeownership, and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. To learn more, visit www.penfedfoundation.org.

SOURCE PenFed Foundation