Today as part of a historic commitment by USAA’s Military Family Relief Initiative, Bunker Labs will receive $500,000 to assist military servicemembers, veterans, and their families during these challenging economic times. This grant will allow the Bunker Labs to address a variety of challenges that military-connected entrepreneurs are facing due to COVID-19’s impact on small businesses. With the support of USAA, the Bunker will expand its efforts to address the military-connected entrepreneurs and small business owners’ most urgent needs, including access to funding, financial planning and management education, resource navigation, and community support. This work will be powered by ongoing primary research and data analysis to understand the real-world experiences and challenges of the national community of military-connected entrepreneurs.
“The pandemic presents an extraordinary set of challenges to military-connected entrepreneurs, their employees, their families, and their communities. We know that entrepreneurs from the military community are uniquely prepared to lead the world through this difficult mission,” Bunker Labs CEO Blake Hogan said. “In this moment, Bunker Labs is grateful for the continued support from USAA as we adjust our impact model to equip military-connected small businesses to Respond, Rebuild, and Rebound – empowering these entrepreneurs to build and maintain financial wellbeing for their businesses and families, leading to a broader economic recovery.”
The COVID-19 pandemic has had a significant and negative financial impact on military members and their families. According to research from the COVID-19 Military Support Initiative, 25 percent of active military families have been separated from their servicemember due to deployment or pandemic-supporting activations. Thirty percent of military spouses are expected to experience unemployment, nearly four times the level of their civilian peers.
“For nearly a century, USAA’s mission has been here to help our members be financially secure and to support them no matter what they face,” USAA President and CEO Wayne Peacock said. “Providing this contribution to organizations such as Bunker Labs that share our mission to care for military families does double duty. It helps meet the needs of today’s military families and veterans. And it gives these organizations momentum to keep serving as a lifeline for the military community.”
For more information about Bunker Labs’s work supporting military-connected entrepreneurs and small business owners, visit bunkerlabs.org.
For more information about USAA COVID-19 relief efforts, including more than $30 million in donations to organizations serving military and veteran families, visit usaa.com/coronavirus.
Bunker Labs – a 501(c)(3) non-profit – is a national network of veteran and military spouse entrepreneurs dedicated to helping the military-connected community start their own business. We are committed to seeing that every entrepreneur in the military-connected community has the network, tools, and resources they need to start their own business.
Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking and investment and retirement solutions to nearly 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, Tex., USAA has offices in seven U.S. cities and three overseas locations and employs more than 35,000 people worldwide. Each year, the company contributes to national and local nonprofits in support of military families and communities where employees live and work. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.