Washington, DC, tops list as best city for veteran entrepreneurs in 2025, study finds
Veterans own roughly 2.5M businesses generating over $1T in annual revenue
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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.
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"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.
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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Washington, D.C., was ranked the best large U.S. city for veterans to start a business in 2025, according to a new study from the 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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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.
Terry Williams, director of the PenFed Foundation for Military Heroes Veteran Entrepreneur Program, told FOX Business that veterans bring "discipline, innovation, leadership, and resilience to the business world."
"By highlighting the cities that nurture those strengths — through data-driven analysis — we're helping them turn military experience into economic opportunity," Williams 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 the PenFed Foundation for Military Heroes.