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Washington DC tops list of best cities for veteran entrepreneurs in 2025: study
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The nation’s capital reportedly led the pack this year among American cities where veteran entrepreneurs were most likely to thrive.
Washington, D.C., was ranked as the best large U.S. city for veterans to start a business in 2025, followed by Raleigh, North Carolina; Tampa, Florida; Austin, Texas; and Dallas, Texas, according to a new study from the PenFed Foundation for Military Heroes, a national nonprofit focused on helping veterans transition from service to civilian life.
“Our nation’s veterans bring leadership, discipline, and an unwavering commitment to every challenge they take on,” Andrea McCarren, president of the PenFed Foundation for Military Heroes, said in a statement. “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.”
Cheyenne, Wyoming, was ranked as the top small U.S. city for veterans, according to the study.
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FILE PHOTO: A soldier and businessman are pictured shaking hands. The U.S. is home to 2.5 million veteran-owned businesses, which collectively generate more than $1 trillion in annual revenue and employ 6 million people. (iStock / iStock)
Top 10 large cities for veteran entrepreneurs
- Washington–Arlington–Alexandria, DC–VA–MD–WV
- Raleigh–Cary, North Carolina
- Tampa–St. Petersburg–Clearwater, Florida
- Austin–Round Rock–San Marcos, Texas
- Dallas–Fort Worth–Arlington, Texas
- Seattle–Tacoma–Bellevue, Washington
- San Antonio–New Braunfels, Texas
- Milwaukee–Waukesha, Wisconsin
- Cleveland, Ohio
- Denver–Aurora–Centennial, Colorado
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An aerial view of the Washington, D.C., skyline. Washington, D.C., was ranked as the best large U.S. city for veterans to start a business in 2025, according to a new study from PenFed Foundation for Military Heroes. (iStock / iStock)
Top 10 small cities for veteran entrepreneurs
- Cheyenne, Wyoming
- Durham–Chapel Hill, North Carolina
- Sioux Falls, South Dakota–Minnesota
- Rapid City, South Dakota
- Columbia, Missouri
- Grand Island, Nebraska
- Colorado Springs, Colorado
- Omaha, Nebraska–Iowa
- Fargo, North Dakota–Minnesota
- Fayetteville, North Carolina
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A view of Cheyenne, Wyoming, at night. Cheyenne was ranked as the top small city for veteran entrepreneurs in 2025. (iStock / iStock)
The U.S. is home to roughly 2.5 million veteran-owned businesses, which collectively generate more than $1 trillion in annual revenue and employ 6 million people, the nonprofit said.
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The rankings were compiled using data from more than 30 government and nonprofit sources, and a total of 53 quantitative indicators were analyzed across 387 metropolitan statistical areas, according to PenFed Foundation for Military Heroes.
