The Northeast Entrepreneur Fund, known as the Entrepreneur Fund, is a Minnesota-based nonprofit community development financial institution (CDFI) that provides funding to small businesses and startups in specific countries in Wisconsin and Minnesota. The group also covers several Native American tribes in its service area. The fund has partnered with state and federal governments and has employed racial equity and diversity as criteria in some of its funding decisions, including in its Rural Equity Grant program which is operated in partnership with the Wisconsin Department of Agriculture and backed with funds from the federal American Rescue Plan Act (ARPA). 12
The fund received a $9 million donation from MacKenzie Scott in 2024 as part of her support of the CDFI sector. 3
Background
The Entrepreneur Fund was formed in 1989 as the Northeast Entrepreneur Fund. The fund raised between $2 million and $4 million for most of its history before generating over $10 million in 2020. In 2023, the group reported $12.7 million in revenue and $7.7 million in expenses. 4
The group is a community development financial institution, or CDFI, a certification given by the U.S. Treasury to financial institutions that serve economically disadvantaged communities. 2
The group’s service region covers 29 counties and 12 Native American tribes in Minnesota and Wisconsin. 2
Activity
According to tax filings, in 2022, the Entrepreneur Fund’s total program expenses of $5,711,590 were directed to provide services to 1,617 entrepreneurs. The group also reported that 327 loans were disbursed to those clients to start, stabilize, or expand their businesses. A total of $24.5 million in loans were approved with most “disbursed to low-income individuals or in low-income communities” including “underserved and disadvantaged business owners and communities with specialized services for women-owned business.” 5
The group’s funding areas include SBA Microloans, Working Capital Loans, the Healthy Food Fund, Gap Financing, the Wisconsin Down Payment Assistance Grant, and the Wisconsin Rural Equity Grant. The group’s Wisconsin Rural Equity Grant is funded with funds from the federal American Rescue Plan Act (ARPA) and with assistance from the Wisconsin Department of Agriculture. 1
The group also operates the Women’s Business Alliance which is a certified Women’s Business Center of the U.S. Small Business Administration and provides funding to women-owned businesses as well as programs and conferences. 6
In 2024, the Entrepreneurship Fund received a $9 million donation from MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, as part of her support for community development financial institutions. The gift was part of a batch of gifts to 14 different organizations that provided $300 million to CDFI or similar groups through Yield Giving, Scott’s philanthropic organization. 3
MacKenzie Scott made an unrestricted grant of $9 million to The Entrepreneur Fund. Gift will be used to keep supporting small businesses and drive economic growth in underserved communities across Minnesota and Wisconsin.
$9,000,000
2024
MacKenzie Scott
MacKenzie Scott made an unrestricted grant of $9 million to Entrepreneur Fund. The Entrepreneur Fund actively partners with entrepreneurs to create growing businesses, thriving communities, and a diverse regional economy.
To provide critical support for small business owners in central and northeast Minnesota and northern Wisconsin through targeted technical assistance and flexible lending to maintain a healthy and diverse regional economy.
$100,000
2022
Wbd Inc
CREATE THE INVESTOR NETWORK INITIATIVE TO PROVIDE SUPPORT TO REGION'S ENTREPRENEUERS.
Support for work related to a program-related investment intended to support small businesses in Minnesota
$60,000
2023
Duluth 1200 Fund Inc
The Northeast Entrepreneur Fund received the Downtown Duluth Revitalization Project grant, to assist businesses in need to help revitalize the Downtown Duluth Business district. The Entrepreneur Fund received $50,000 for grants to be given to eligible businesses ($2,500 each), and $10,000 to cover the Entrepreneur Fund's costs to perform tasks per the grant's guidelines, which entailed developing grant criteria & application forms, solicit grant applications, review & make recommendations for the grants and compliance with eligibility, submit recommendations, prepare grant agreements for eligible businesses, disburse grant funding, monitor grant compliance, and report to the 1200 Fund. Note: An $11,000 match was required from the organization Downtown Duluth.
$50,000
2021
Wbd Inc
LOAN CAPITAL TO SMALL BUSINESS THAT CREATE AND RETAIN JOBS IN RURAL COUNTIES OF WI AND MN
LISC MAKES PROJECT GRANTS TO COMMUNITY DEVELOPMENT PROJECTS THROUGHOUT THE COUNTRY TO SUPPORT EFFORTS OF COMMUNITY BASED ORGANIZATIONS, BUSINESSES, AND INDIVIDUALS TO TRANSFORM DISTRESSED COMMUNITES IN URBAN AND RURAL COMMUNITIES THAT LISC SERVES AND TO ASSIST RESIDENTS OF THESE COMMUNITIES.
$20,000
2021
Greater Green Bay Community Foundation Inc
PUBLIC BENEFIT & COMMUNITY IMPROVEMENT PROGRAM SUPPORT
$20,000
2020
Boreal Waters Community Foundation
Capacity Building for Diverse Owned Businesses
All-time grants given statistics from Candid dataset:
Total Grant Value:$116,954
Number of Grants:13
Number of Recipients:12
Selection of highest value grants given from the last seven years:
