Entrepreneur Fund Receives $9 Million from Philanthropist MacKenzie Scott
Samantha Erkkila, Digital Media Specialist
September 12, 2024
Unrestricted gift will enable the Entrepreneur Fund to strengthen small businesses across Minnesota & Wisconsin.
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The Entrepreneur Fund (EFund) is proud to announce that it has received an extraordinary $9 million unrestricted gift from Yield Giving, an organization established by billionaire philanthropist MacKenzie Scott. This transformative investment will allow EFund to further its mission of supporting small businesses and driving economic growth in underserved communities across Minnesota and Wisconsin.
The donation was received on September5, 2024, and was part of Yield Giving’s “Quiet Research” process, in which the organization conducts in-depth, private research to identify nonprofits with “high potential for sustained positive impact.” EFund was selected without submitting an application or solicitation, and the gift comes with no restrictions, allowing the organization full discretion in its use.
“Our entire team was taken by surprise when we received the news,” said Shawn Wellnitz, CEO of EFund. “An investment of this size from MacKenzie Scott and Yield Giving is a meaningful affirmation of EFund’s mission, the work we do, and the efforts of our staff, Board of Directors, partners, funders, and communities. This is a game changer for our work going forward.”
To date, Scott has donated over $17.3 billion to more than 2,300 nonprofit organizations. EFund, a Community Development Financial Institution (CDFI), will be recorded under the financial inclusion and economic development focus areas. Only 12 nonprofits in Minnesota and Wisconsin have received donations in the same organization reported areas.
“We are grateful to everyone who shares our mission,” said Crystal Rohde, EFund Board Chair. “This work is not done alone, and this gift is a testament to our strong partnerships and the work we’ve achieved together so far.”
From 2021-23, EFund served over 3,400 entrepreneurs and extended over $73.7 million in loans that provided critical relief, catalyzed growth, and fostered success across various stages of business. EFund will use this opportunity to leverage its strategic priorities, including driving growth-track companies, supporting business ownership transitions, and expanding access to capital across rural and underserved communities in Minnesota and Wisconsin.
