Entrepreneur Fund expands Wisconsin reach with $8 million grant

SUPERIOR — The Duluth-based Entrepreneur Fund, which presently serves 16 counties in northeast Minnesota and Wisconsin’s Douglas County, unveiled plans to increase its attain to an extra 12 counties in northern Wisconsin at a press convention on the Superior Entrepreneurship Heart Thursday, Oct. 27.

The transfer is fueled by $8 million in Various Enterprise Help and Various Enterprise Funding grants from the state of Wisconsin. The funding is aimed toward serving to small enterprise homeowners begin, develop and increase their companies. The three-year grant will embrace $5 million in revolving mortgage funding and $500,000 for direct grants to companies. The Entrepreneur Fund plans so as to add a second satellite tv for pc workplace in northern Wisconsin.

“We’re actually enthusiastic about having the ability to increase our companies as a result of we serve rural communities, and that’s one thing we do actually, rather well and so we really feel prefer it’s a very good match,” stated Entrepreneur Fund communications director Carly Viegut. “And the funding is enabling us to do it in a very constructive and highly effective approach to have the help behind it so we are able to do the work that we wish to do.”

The Entrepreneur Fund, which has been round since 1989, presently serves 2,000 companies yearly, together with about 100 in Douglas County. A licensed neighborhood improvement establishment, the nonprofit is devoted to offering capital and help to small companies within the area.

“We’re actually centered on the expansion of companies and development of staff and in addition startups,” stated Dave Manion, chairman of the nonprofit’s board. “Anybody that works by our system on an entrepreneurial aspect, principally, they’ve an 89% success price.”

With the addition of the 12 new counties — Ashland, Bayfield, Burnett, Iron, Value, Sawyer and Washburn in 2023; Florence, Forest, Marinette, Oneida and Vilas by 2025 — the Entrepreneur Fund will increase to serve an estimated 500 Wisconsin companies.

“I feel we’re all wanting ahead to what comes subsequent within the room, placing this funding to work,” stated board member Crystal Rhode.

The $8 million was a part of a second spherical of Various Enterprise grants, which Gov. Tony Evers funded with federal American Rescue Plan Act {dollars}. The grant packages garnered over 150 purposes, based on Division of Administration Secretary-designee Kathy Blumenfeld. Solely 50 had been awarded. Blumenfeld stated this grant program specifically actually permits the state to go deeper and help extra individuals, particularly those who want probably the most assist.

“After which having a revolving mortgage fund is superior, as a result of then it helps one enterprise, as they pay again the cash goes to assist one other enterprise and one other enterprise so that cash simply has a lifetime of its personal,” Blumenfeld stated.

Native entrepreneurs gathered for the announcement.

“I feel it sounds thrilling,” stated Cal Harris, who owns Superior Waffles along with his spouse, Natalie. “I feel that it simply brings extra alternatives and you understand those that have fantastic concepts for companies they usually simply don’t have the sources or the funds to have the ability to transfer that undertaking ahead. Hopefully a few of that cash will help with that.”

The Entrepreneur Fund not too long ago helped the couple buy a van to succeed in part two of their enterprise: catering.

“We’ve performed child showers and weddings … we’re hoping to do grad events when that comes up,” Harris stated. “And so it’s been a very cool expertise with that.”

Ben Anderson and his spouse, Mary, realized their dream of proudly owning Eddie’s Supper Membership with assistance from the Entrepreneur Fund. The nonprofit’s employees are nice to work with, Anderson stated.

“I feel actually approachable, very personable. I don’t assume you’re only a quantity,” he stated.

The Superior Entrepreneurship Heart

at 1401 Tower Ave. is a one-stop store that features places of work for the Entrepreneur Fund, the Superior Enterprise Growth Heart, the Growth Affiliation, the Superior Enterprise Enchancment District and the College of Wisconsin-Superior Small Enterprise Growth Heart. It opened this yr.

“I feel this in itself has simply sparked a lot of a ripple impact,” Blumenfeld stated of the middle.

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