Program areas at Entrepreneur Fund
The Northeast Entrepreneur Fund (ef) provides small business services and loans to business owners and aspiring entrepreneurs in its 29 county service area of Minnesota and Wisconsin. In 2023, total program costs of $5,737,647 was expensed to provide services to 1,617 entrepreneurs. 348 loans were disbursed to those clients to start, stabilize or expand their businesses. A total of $21.5 millions in loans were approved. A majority of those were disbursed to low-income individuals or in low-income communities. Ef targets and serves underserved and disadvantaged business owners and communities with specialized services for women-owned business. The organizational expenses, non-program related were a total of $2,032,632 for fundraising, management and general costs to support the mission and future of the organization.
Who funds Entrepreneur Fund
Grants from foundations and other nonprofits
| Grantmaker | Grantmaker tax period | Description | Amount |
|---|
| Otto Bremer Trust (OBT) | 2023-12 | Operations Support for Sustained Growth | $100,000 |
| Duluth 1200 Fund | 2023-12 | 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. | $60,000 |
| Duluth-Superior Area Community Foundation | 2023-12 | Empowering Thriving Communities & Entrepreneurs, Unrestricted | $20,100 |
Personnel at Entrepreneur Fund
| Name | Title | Compensation | Date of data |
|---|
| Shawn Wellnitz | President and Chief Executive Officer | $263,586 | 2024-11-06 |
| Kurt Thompson | Chief Operating Officer | $107,753 | 2024-11-06 |
| Dustin Goslin | Vice President Finance , Upm Retired Grand Rapids , MN | $0 | 2024-05-09 |
| Janie Moore | Director of Impact and Data | | 2024-11-06 |
| Beth Probst | Director of Development | | 2024-11-06 |
| ...and 6 more key personnel |
Financials for Entrepreneur Fund
| Revenues | FYE 12/2023 | FYE 12/2022 | % Change |
|---|
| Total grants, contributions, etc. | $8,764,347 | $10,144,224 | -13.6% |
| Program services | $3,748,541 | $2,886,123 | 29.9% |
| Investment income and dividends | $267,077 | $7,410 | 3504.3% |
| Tax-exempt bond proceeds | $0 | $0 | - |
| Royalty revenue | $0 | $0 | - |
| Net rental income | $0 | $0 | - |
| Net gain from sale of non-inventory assets | $-31,079 | $0 | -999% |
| Net income from fundraising events | $0 | $0 | - |
| Net income from gaming activities | $0 | $0 | - |
| Net income from sales of inventory | $4,208 | $8,001 | -47.4% |
| Miscellaneous revenues | $0 | $0 | - |
| Total revenues | $12,753,094 | $13,045,758 | -2.2% |
Organizations like Entrepreneur Fund
| Organization | Type | Location | Revenue |
|---|
| Dreamspring | 501(c)(3) | Albuquerque, NM | $14,674,824 |
| Access To Capital for Entrepreneurs | 501(c)(3) | Cleveland, GA | $26,987,407 |
| Pathway Lending | 501(c)(3) | Nashville, TN | $45,168,768 |
| Mountain Bizworks | 501(c)(3) | Asheville, NC | $6,406,300 |
| Accessity | 501(c)(3) | San Diego, CA | $6,158,404 |
| Carolina Small Business Development Fund | 501(c)(3) | Raleigh, NC | $10,484,327 |
| Accion Opportunity Fund Community Development | 501(c)(3) | San Jose, CA | $50,501,448 |
| TruFund Financial services | 501(c)(3) | New York, NY | $12,004,522 |
| Ascendus | 501(c)(3) | New York, NY | $10,641,559 |
| Community Loan Fund of New Jersey | 501(c)(3) | New Brunswick, NJ | $19,077,899 |
Data update history
January 11, 2025
Received grants
Identified 2 new grant, including a grant for $60,000 from Duluth 1200 Fund November 24, 2024
Posted financials
Added Form 990 for fiscal year 2023
November 23, 2024
Received grants
Identified 1 new grant, including a grant for $100,000 from Otto Bremer Trust (OBT) November 6, 2024
Updated personnel
Identified 2 new personnel
May 9, 2024
Updated personnel
Identified 10 new personnel
Nonprofit Types
Grantmaking organizationsBusiness and community development organizationsCommunity Development Financial InstitutionsCharities
Issues
Business and industry
Characteristics
LobbyingState / local levelReceives government fundingTax deductible donationsAccepts online donations
General information
- Address
- 202 W Superior St 311
- Duluth, MN 55802
- Metro area
- Duluth, MN-WI
- County
- St. Louis County, MN
- Website URL
- efund.org/Â
- Phone
- (218) 623-5747
IRS details
- EIN
- 36-3566632
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 1989
- Eligible to receive tax-deductible contributions (Pub 78)
- Yes
Categorization
- NTEE code, primary
- S43: Management Services for Small Business, Entrepreneurs
- NAICS code, primary
- 522120: Savings Institutions
- Parent/child status
- Independent
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