LaunchVets

Explainer

What happened to Second Service Foundation

Second Service Foundation (formerly StreetShares Foundation) voluntarily shut down in 2026 after 10 years of operation. Resources are transitioning to an existing faith-based nonprofit. The Military Entrepreneur Challenge (MEC) is not accepting applications. Here is the full story and where to go next.

The short version

The Second Service Foundation ran vet-founder programming from 2014 to 2026, first as the StreetShares Foundation, then under its own name after StreetShares (the lender) pivoted. Its flagship program was the Military Entrepreneur Challenge, a pitch competition with cash grants. In 2026 the board voluntarily shut down the organization to transition resources into a faith-based nonprofit that could support faith-oriented programming their prior structure did not permit. The successor organization has been identified but not yet publicly launched.

Timeline

  • Around 2015

    StreetShares Foundation launches as the charitable arm of StreetShares, a veteran-owned lending platform.

  • 2015-2020

    Military Entrepreneur Challenge (MEC) runs as an annual pitch competition awarding $4,000-$15,000 grants to vet founders. Regional events plus a national finale.

  • Around 2022

    StreetShares (the lender) pivots away from small business lending. The Foundation continues independently and rebrands as the Second Service Foundation.

  • 2023-2025

    Second Service Foundation continues MEC and launches Finding Your Second Service (FYSS) Executive Coaching. Board begins a strategic review of long-term programming direction.

  • 2026

    Board announces voluntary shutdown after nearly a year of successor-organization search. Resources will transition to an existing faith-based nonprofit. FYSS to relaunch under the new structure. MEC status unclear.

  • Present

    secondservicefoundation.org displays a "New Chapter" transition notice. Public launch of the successor organization has not yet been announced.

Why this matters

Most vet-founder nonprofits either merge upward (Bunker Labs into IVMF) or wind down quietly. Second Service Foundation is doing something unusual: a voluntary shutdown plus resource transfer to a faith-based successor. That leaves former applicants and program partners in ambiguity until the new organization publicly launches.

If you had planned to apply for MEC in 2026, look at the alternatives below. If you were an FYSS coaching participant, watch the transition page for the relaunch. If you were exploring Second Service Foundation as a funding source for a nonprofit, you will need to redirect to Bob Woodruff Foundation or similar.

Alternatives for former MEC applicants

Programs that fill similar roles (pitch competition, non-dilutive grant, or vet-founder grantmaking).

Veterans Business Battle

Vet-founded businesses pitching for capital investment.

Pitch CompetitionNext: Early applications open around September 2, 2026 (feedback c
Program page
Warrior Rising Business Showers

Warrior University graduates only. Invitation-only for the most competitive veteran and military spouse founders.

Pitch CompetitionNext: See events page
Program page
Bob Woodruff Foundation Grants

501(c)(3) nonprofit organizations serving post-9/11 veterans, service members, their families, and caregivers. Programs must address employment, education, mental health, rehabilitation, financial res...

GrantNext: Standing Together cycle: LOI due late Q1; invited proposals
Program page
Military Influencer Conference (MIC)

Open to leaders, entrepreneurs, content creators, and brands connected to the military community. Ticketed conference, no application required.

ConferenceNext: 23-26 September 2026, JW Marriott, Tampa
Program page

For nonprofit founders who were looking at Second Service as a funder

Second Service Foundation historically supported adjacent nonprofits through partner grants and event sponsorships. With the shutdown, alternative funding sources for vet-serving nonprofits include:

FAQ

Is Second Service Foundation still operating?

No. The Second Service Foundation voluntarily shut down in 2026 after 10 years of operation. Per their own transition page, resources are being transferred to an existing faith-based nonprofit. The parent organization has been identified but not yet publicly launched.

What was Second Service Foundation formerly known as?

It was formerly the StreetShares Foundation. StreetShares is a veteran-owned lending company; the Foundation was its charitable arm. When StreetShares pivoted away from the lending model, the Foundation continued independently as Second Service Foundation before its 2026 shutdown.

Is the Military Entrepreneur Challenge (MEC) still running?

No. MEC ran under Second Service Foundation for roughly a decade and is not currently accepting applications. It is unclear whether the successor faith-based nonprofit will restart MEC or launch a different pitch competition.

Why did Second Service Foundation shut down?

Per the board's public statement, the shutdown was voluntary and driven by a strategic decision to transition resources into an existing faith-based nonprofit that could support faith-oriented programming the prior structure did not permit. This is unusual; most vet-founder nonprofits either merge upward (like Bunker Labs into IVMF) or wind down quietly.

What about Finding Your Second Service (FYSS)?

The FYSS Executive Coaching program is being relaunched under the new faith-based nonprofit. Timing of the public launch has not been announced.

Where should former MEC applicants go now?

For similar pitch competition + grant opportunities, look at Veterans Business Battle (Rice MBA-organized, next application cycle typically opens September), Warrior Rising Business Showers (non-dilutive grants $2K-$150K), Bob Woodruff Foundation grants (for 501(c)(3) direct-service orgs), and Military Influencer Conference Rock Pitch.

Monday Deadlines

If the Second Service successor launches, we will cover it in the Monday Deadlines newsletter. Every Monday at 6am ET. Free.

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