2024 Impact Snapshot: Building Stronger Businesses, Stronger Communities

In 2024, the Entrepreneur Fund’s services reached communities across our region, from Pierz in Morrison County, Minnesota, to Isabella in Lake County, Minnesota, and as far east as Rhinelander in Oneida County, Wisconsin—covering hundreds of miles and countless communities in between. Through personalized lending and strategic advising, our team partnered with business owners across this vast area, driving business growth, resilience, and long-term success. But our impact goes beyond the entrepreneurs we serve—it strengthens the communities they call home.

Empowering Entrepreneurs with Capital and Guidance

Access to capital is essential for small business success, but at the Entrepreneur Fund (EFund), we believe it’s just one part of the equation. That’s why we pair every loan with strategic advising to ensure business owners have the support they need to succeed. Underscoring this holistic approach, our team’s time was split nearly evenly last year—51% focused on financing and capital needs, while 49% was dedicated to business advising.

In 2024, we partnered with 1,846 entrepreneurs, dedicating nearly 9,000 hours to advisory support, including 1,600 hours focused on business management, guiding clients through the complexities of operations and strategic planning. Alongside this, we closed 164 loans, injecting $11.08 million into local businesses, with 70% of all lending supporting businesses in rural communities. This investment went beyond financial transactions—it helped strengthen the economic foundations in the places that need it most.

• 40% of all lending ($4.5 million) was used for real estate, allowing small business owners to secure long-term roots and build generational wealth.

• 35% supported working capital, giving businesses the flexibility to manage day-to-day operations and seize growth opportunities.

• 21% was invested in fixed assets, ensuring entrepreneurs had the tools and infrastructure to scale.

• 4% helped refinance existing debt, easing financial burdens and providing stability.

Celebrating Entrepreneurial Excellence and Organization Milestones

2024 was also a year of recognition and celebration for our entrepreneurs and team. In Minnesota, we proudly acknowledged two U.S. Small Business Administration state awards:

• SBA MN Women’s Business Center of the Year was awarded to WBA North and its director, Sandi Larson, highlighting the invaluable support provided to entrepreneurs in northern Minnesota.

• SBA MN Family Business of the Year was awarded to Lamppa Manufacturing in Tower, MN, a testament to the resilience and innovation of family-owned businesses.

In Wisconsin, we successfully completed the second phase of our two-year expansion into 12 additional northern counties, marking a major milestone in our mission to support underserved entrepreneurs.

• $6.23 million in financing was provided to business owners across eight counties, nearly $2 million more than in 2023.

• 52% of all lending ($3.26 million) went toward real estate, reinforcing our commitment to helping business owners build lasting wealth in their communities.

• 261 businesses received lending and/or advising support, with 84% of client support going to businesses earning $0–$500K in revenue—demonstrating the crucial role we play in fostering early-stage and small-scale businesses in the region.

A Year of Connection and Collaboration

One of the most powerful moments of the year came during our second annual Distinction Awards, where we brought together nine exceptional businesses that have not only weathered challenges but emerged stronger, making an impact at regional, national, and even international levels. These awards weren’t just about recognition—they were about collaboration, bringing growth-minded entrepreneurs into the same room to explore opportunities that can make our region even stronger. From high-growth startups to legacy businesses transforming their industries, each honoree represented the strength and resilience of our region’s entrepreneurs.

Our Focus in 2025

As we reflect on the success of 2024, we are energized by the momentum we’ve built and the impact we’ve made. Our focus remains on fostering business growth, strengthening communities, and ensuring that every entrepreneur—no matter where they are—has access to the resources, capital, and support they need to succeed.

Ways you can stay connected with us:

• Sign up for our newsletter to get regular updates on events, programs and funding opportunities.

• Partner with us to drive even greater impact in your community by referring a client.

• Take the first step in your own business growth journey by filling out this form to get started with our lending and advising services.  

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