Two Years In: How Our Northern Wisconsin Expansion is Making an Impact

In 2023, the Entrepreneur Fund expanded its services across northern Wisconsin, covering a total of 13 counties and seven Native nations. From Superior to Marinette, and all the communities in between, the expansion was rooted in our commitment to supporting rural businesses and making flexible capital more accessible in a region that has been traditionally underserved.

Supported by the State of Wisconsin, this two-year expansion focused on providing funding to assist small business owners who experienced barriers to capital and who were disproportionately impacted by the COVID-19 pandemic.

“It's kind of a known thing in small towns - we’ve got good community and strong, plucky individuals, but a lot of times there's just not the infrastructure or funding,” said Nate Sheppard, owner of Nate Sheppard Media and the Hilgermann Center in Rhinelander, WI.

In just two years, we’ve invested $10.6 million in flexible capital across northern Wisconsin, providing 138 small business loans and over 5,700 hours of no-cost 1:1 business advising that supported 475 entrepreneurs. We provided 10 educational programs free of charge, with 70 business owners completing the Be Strategic program, the Profit Mastery workshop, and in some cases both.

This investment leveraged an additional $6.4 million in capital for small businesses, while also creating 171 family-sustaining jobs, and retaining 1,761 quality jobs. Our work also supported 191 women-owned businesses, and 20 BIPOC-owned businesses.  

"Expanding into northern Wisconsin has been a big step forward in our mission to strengthen and diversify the rural regional economy,” said EFund CEO Shawn Wellnitz. “Our team is here to support local businesses with the resources and connections they need to grow and succeed, and it’s exciting to see the positive impact our work has had an will continue to have in the communities we work with.”

Wisconsin Grant Programs Distribute $800,000

Two grant programs launched in 2023 and completed in December 2024 successfully allocated a total of $800,000 to underserved and underbanked communities across northern Wisconsin.

The Wisconsin Rural Equity Grant Program awarded 31grants totaling $300,000 to be utilized for a wide range of business needs. These grants touched businesses in each of the 13 counties in our service region and supported various industries such as childcare, hospitality, repair services, retail, agriculture, and more.

For Kristen Strunk, owner of Cradles to Crayons Preschool in Spooner, WI, this grant allowed her to rent extra space, repaint and purchase extra books and supplies. But there was a community benefit as well.

“This grant will allow parents to stay in the workforce as the childcare shortage in our area puts parents in a place where they must choose one or the other,” said Strunk. “I’m so very thankful to have been awarded this grant.”

The Down Payment Assistance Grant program distributed $500,000 in two years, bolstering its mission to foster financial equity among underserved businesses in northern Wisconsin. This program specifically targets small, historically underbanked, or funding-deprived businesses. Eligible businesses received up to $10,000 in non-repayable grant funding when paired with a low-interest loan.

For DeJay Jarecki, owner of Lightning Storm Graphics in Ashland, WI, the Down Payment Assistance Grant program allowed him to purchase a high-capacity printer and make necessary electrical upgrades to his shop. The investment transformed Jarecki’s business, tripping production capacity and expanding his ability to serve clients nationwide.

“After working with them we were revitalized,” said Jarecki, about working with EFund and our partners at the Ashland Area Development Corporation. “We were being dragged down by old, slow equipment but now we can do more and serve more clients because it’s all a much quicker process.”

2025 and Beyond: Our Work in Northern Wisconsin Continues

Over the past two years, we’ve strengthened relationships, celebrated successes, and solidified our role in northern Wisconsin’s small business ecosystem. We’re especially grateful to the many local organizations whose partnership has been key to this progress.

The state of Wisconsin’s investment, part of the $1 billion American Rescue Plan Act allocation, has been a significant step toward fostering small business growth, financial inclusion, and community vibrancy in the region. And while our two-year expansion comes to an end, our commitment to northern Wisconsin is far from over.

As we enter 2025, we’re eager to build on this momentum. Our dedication to supporting rural and underserved businesses remains at the heart of our mission, and we look forward to partnering with others to provide entrepreneurs with the tools, guidance, and flexible capital they need to succeed.