Team Penske, the Indianapolis Colts, and Verizon have joined forces with a straightforward goal -- address veteran debt over the next two years.
According to a Wednesday announcement, the collaboration includes a $6 million commitment. The Indianapolis Colts will provide $2 million over the next two seasons while helping those who served the country.
The collaboration between Verizon and Team Penske includes $4 million, but more money is on the table. If two-time championship-winning NTT IndyCar Series driver Will Power finishes inside the top 10 in the 109th running of the Indianapolis 500, another $1 million will go to veteran debt relief.
"Verizon has always been a leader in innovation and a company that makes a difference in people's lives," said team founder Roger Penske. "Verizon's commitment to helping veterans through this debt relief initiative is a testament to their values and dedication to creating positive change.
"At Team Penske, we are proud to stand with Verizon in supporting those who have served our country and creating meaningful change for our veterans."
This commitment to veterans is not a new initiative for Verizon. The cell provider has an ongoing partnership with ForgiveCo., which it used to forgive more than $4 million in debt for 4,800 veterans last year.
The focus on Indiana-based veterans is part of a broader initiative across the Great Lakes region, which has the goal of forgiving $22 million in debt over the next two years.
According to Verizon, veterans do not need to enroll in this program. ForgiveCo. will contact those who receive forgiveness and put everything in motion.
"This partnership between Verizon, Team Penske, and the Indianapolis Colts represents a unique opportunity to address veteran debt relief while showcasing innovation and excellence," said Andy Brady, President of Verizon's Great Lakes Market, in a statement.
"Together, we aim to make a lasting impact on the lives of the veterans across Indiana, both on the racetrack and in the community."