EFund Mission Progress Report 2021-23 : simplebooklet.com

4Impact is Our Bottom LineVISIONVibrant communities across our region that are created and sustained by entrepreneurs. We actively partner with entrepreneurs to create growing businesses, thriving communities, and a diverse regional economy. MISSIONOur WhyEntrepreneurship is more than just starting a business; it’s about creating opportunities, inspiring innovation, and driving economic growth. Entrepreneurs are the catalysts for change in our economy - they bring new ideas to life, create jobs, and contribute to the community’s wealth. Nick Newman | Ridgeline Manufacturing | Pillager, MN | with Sandy Voigt

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5Our Path to Impact The Ripple Effect Our ripple effect strategy illuminates the interconnectedness of our path to impact. Each stage is integral and contributes to the next, forming a unified pathway towards our ultimate goal: a thriving, resilient, and diverse regional economy. Our approach at the Entrepreneur Fund is akin to the transformative ripple created when a pebble is dropped into still water. It begins with a singular, purposeful action that eventually spreads outwards, influencing and invigorating everything in its path.This is where the first ripple emerges. We empower entrepreneurs - the lifeblood of our robust economy - with the tools, resources, and support they need to flourish. By providing personalized mentorship, access to capital, and specialized training programs, we lay a solid foundation for economic growth. As the ripple expands, it fosters business growth. By creating an environment conducive to growth and providing necessary financial support, we help businesses increase revenues, generate jobs, and contribute substantially to the economy. The ripple’s influence further broadens to reach the community level. Understanding that businesses are part of a larger fabric, we work to build vibrant, supportive communities. This involves fostering local partnerships, promoting community initiatives, and advocating for policies that benefit small businesses. Eventually, the ripple encompasses the entire regional economy. With thriving businesses and vibrant communities, we contribute to a resilient regional economy that can weather challenges and foster growth, job creation, and prosperity for all. 2. Fueling Business Growth & Performance3. Cultivating Vibrant Communities4. Building a Resilient Regional Economy1. Empowering Small BusinessesDIVERSE REGIONAL ECONOMYENTREPRENEUR & BUSINESS GROWTHACCESS TO CAPITALCOMMUNITY VITALITYECONOMIC JUSTICEENTREPRENEUR BUSINESS COMMUNITY REGIONENTREPRENEUR BUSINESS COMMUNITY REGION

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6When our board of directors convened in 2020 amidst the uncertainties of the pandemic to design a strategic plan for the next three years, we were driven by a singular vision: to empower entrepreneurs and fortify our regional economy. In this report, you will discover how we are pioneering innovations on capital and dedicating time and resources to going deeper into key areas. Beyond a mere summary of our achievements, this report weaves a narrative that captures the vibrant entrepreneurial spirit emblematic of our region. It highlights the enterprises that are more than just businesses; they are the lifeblood of our communities, the drivers of opportunity, and the architects of a thriving future.Your unwavering support and belief in our mission has been the driving force behind the Entrepreneur Fund’s significant impact on the economic landscape of our region. Fueled by optimism and a strategic vision craed during uncertain times, we embarked on a journey of meaningful change and empowerment.Over the past three years, we have had the privilege of serving 5,221 entrepreneurs and partnering with 3,432 businesses. Through these collaborations, we’ve extended $73.7 million in loans that have provided critical relief, catalyzed growth and fostered success across diverse business stages. Our strategic expansion into northern Wisconsin marks a significant milestone in our mission to enrich and diversify the rural regional economy. In rural communities, where 61% of our clients are based, entrepreneurs are not just business owners; they are the heartbeat of their communities. By creating or sustaining 9,800 jobs, we have not only bolstered the economic backbone of these regions but have also woven a tapestry of opportunity and growth. Recognizing the role of innovation in economic growth, we’ve channeled 35% of our lending to sectors brimming with high-growth potential, such as manufacturing, professional services, and technology, and we look to grow this in the future. Through our tailored programs, we aim to ignite innovation and drive prosperity in our region, assisting businesses in realizing their full potential. Our dedication to fostering an inclusive economy shines through in the diversity of our client base. A testament to this commitment, women constitute 59% and BIPOC individuals make up 11% of our clients, figures that outpace their respective shares in the regional population. Through targeted support, we strive to foster economic justice and empower underrepresented groups, while creating an environment where equal opportunity thrives.We’re not just supporting businesses; we’re cultivating a community of innovative, resilient entrepreneurs. This is the essence of inclusive entrepreneurship and the future we’re committed to forging.As we step into the future, our promise is to continue providing essential resources, expertise, and support to our region’s businesses.A heartfelt thank you to every supporter. Your belief in our mission is the fuel that drives us forward. Together, we look forward to a future brimming with growth, innovation, and success.With Gratitude,Letter from CEO & Board ChairSHAWN WELLNITZCEO & PRESIDENTDAVID MANIONBOARD CHAIRDear Entrepreneur Fund community,

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7Grand Rapids, MNDIANE WEBERMinnesota North CollegeAngora, MNELIZABETH CHAPMANChair-Elect Northwest Regional Planning Commission | Spooner, WICRYSTAL ROHDEAcknowledgmentsA Special Thanks to Our Dedicated Board of Directors The Entrepreneur Fund extends its heartfelt appreciation to our Board of Directors for their unwavering commitment, invaluable insights, and tireless eorts this past year. Your dedicated service has been instrumental in helping us fulfill our mission of driving growth, amplifying impact, and fostering innovation in our region. Your leadership has not only driven our success but has also enriched our organization with a wealth of experience and perspectives. It’s this diversity of thought that enables us to eectively support a wide range of businesses and entrepreneurs, encouraging an inclusive economic landscape. On behalf of the entire team at the Entrepreneur Fund, thank you for your dedication and commitment. As we move forward, we’re excited to continue working together to empower entrepreneurs and businesses, fostering a prosperous and resilient regional economy.Wisconsin Expansion: Strategic deliberations on expanding EFund’s service region led to a successful expansion of services into northern Wisconsin. Distinction Awards: Championed the ampliﬁcation of the voices and proﬁles of small businesses driving the regional economy. Leadership & Governance Enhancement: Strengthened EFund’s governance to align with the organization’s growth, focusing on practices and structure. Board Diversity & Expertise: Intentionally increased board diversity and expertise to enrich perspectives and decision-making. Strategy & CEO Partnership for the Future: Developed a forward-looking 2024-2028 strategic plan through in-depth research and collaboration.Board ChairVC3Duluth, MN DAVID MANIONTreasurer A+ Contractors & Garden Center Saginaw, MNTABATHA BEIERMille Lacs Corporate VenturesBrainerd, MNDUSTIN GOSLINLake & CompanyGrand Rapids, MNMEGAN KELLINVice-Chair-Elect Minnesota PowerDuluth, MNARIK FORSMANMIKE HOLDENScreen Graphics UniformSuperior, WIVice-ChairSBDC at UW-SuperiorSuperior, WI ANDY DONAHUENotable Board ContributionsDriving Foward Together

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8Impact Milestones 2021-2023The impact of our work over the past three years is a testament to the power of partnership, growth, and resilience. Guided by our strategic plan we worked to empower local entrepreneurs and businesses, leading to tangible outcomes that shaped our regional economy. The figures below represent the many entrepreneurs we’ve assisted, the businesses we’ve nurtured, and the vibrant communities these enterprises are building. These numbers signify more than just milestones - they are stepping stones towards a more prosperous, diverse, and resilient regional economy. Advancing Economic Justiceof clients identify as women 59%of clients identify as BIPOC11%of clients live in a rural community63%ENTREPRENEURS SERVED: 5,221OVER 3,432 BUSINESSES SERVED14% WAS FOR REAL ESTATE86% OF OUR LENDING WAS FOR WORKING CAPITALCreating an Economically Diversiﬁed Regionof our lending was to industries with higher growth potential including manufacturing, professional services or technology. 35%of our work was dedicated to small businesses looking to improve or grow. 45%of our work was towards businesses with revenues of $1M or greater. 20%$73.7 MILLIONIN LENDINGCreating Quality Jobs & Vibrant CommunitiesOur lending helped businesses create or sustain 9,800 jobs across the region. 9,800 JOBSAverage wage provided surpassed living wage standards at $18.75/hour$18.75/HOUROver 40% of our borrowers provide family sustaining wages over $24/hour OVER $24/HOUR

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9Jason WobbemaAdvanced Machine Guarding SolutionsHibbing, MNA true innovator, Advanced Machine Guarding Solutions revolutionizes workplace safety with inventive designs. Their commitment to safer industrial environments demonstrates the transformative power of entrepreneurial drive. Our strategic partnership has been instrumental in fueling their growth and extending their impact beyond the Iron Range. Our team has been invested in the success of Jason and AMGS, providing guidance with cash flow projections, access to working capital loans to purchase equipment, and assistance in making connections with local organizations and economic development partners. In the next 3-5 years, AMGS is projected to have 4-5 times the growth with hopes of continuing to add more employees and more equipment to satisfy their customers’ needs. I wanted to prove that we can manufacture a product and compete globally right here in northern Minnesota. We’re proving that today and having the Entrepreneur Fund help us with what our needs are is extremely important.“”

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10Each award speaks to the power and importance of access to capital as a tool in stimulating growth across our region. By providing critical financial support to small businesses, we are oering much-needed lifelines that empower these enterprises to thrive and expand, thereby fortifying their local economies. While the task of microlending presents its unique challenges, including comprehensive evaluation, relationship nurturing, and a deep understanding of the local economic landscape, our team’s passion and commitment never waver. To each team member at EFund, we say thank you. Your diligent work doesn’t go unnoticed. As we look to the future, we see more than just awards. We see countless opportunities to continue investing in small businesses. Why? Because we firmly believe in the potential of these enterprises to transform their local economies, create jobs, and build prosperity from within. It’s not about maintaining a status, but about furthering our mission: To create an impactful ripple in our regional economies, one small business at a time. We are honored to receive this award for the past three years by the Minnesota SBA District Oice, acknowledging our significant role in supporting small businesses in our region. Minnesota SBA Microlender of the Year in 2021, 2022 and 2023Awarded jointly with WWBIC, this accolade underscores our shared mission of promoting economic development through entrepreneurship.Top Microlender in WisconsinRecognized as the Wisconsin SBA 7a Lender of the Year for institutions with assets under $100 million, this award highlights exceptional support and services to small businesses.Wisconsin SBA 7a Lender of the Year with Assets Under $100 MillionThis award commemorates our determined eorts since 2021 to build capacity to support BIPOC entrepreneurs. Touchstone Award from the Duluth Superior Area Community FoundationEFund RecognitionsWe are honored to receive significant recognition over the past few years. Each is a testament to the hard work, dedication and unwavering commitment of our amazing team.

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11Nick & Julie NewmanRidgeline ManufacturingPillager, MN Ridgeline Manufacturing stands as a paragon of quality and sustainability within ourregional manufacturing sector. Their success story highlights the immense potential of small businesseswhen backed by strategic support and tailored investment. From financing working capital loans to purchase inventory and the materials needed to build aluminum docks to advising on streamlining product lines, our collaborative 16-year journey with Ridgeline Manufacturing underscores our commitment to nurturing thriving, resilient businesses. Gap lenders are so important to small business. The first three years we were here, we shouldn’t have even been here. What kept us in business was gap lenders like the Entrepreneur Fund.- Nick Newman

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12In March 2020, small business owners in Minnesota and Wisconsin faced a radical transformation of their operational landscapes due to executive orders aimed at halting the spread of COVID-19. This abrupt change posed an unparalleled challenge, fundamentally altering the fabric of small businesses. Maximizing Recovery Resources EFund made significant eorts to assist small businesses in tapping into a myriad of recovery resources spanning local, state, and federal levels. Through tailored outreach, informative webinars, and continuous updates, EFund played a critical role in ensuring businesses were informed and equipped to seize essential aid, demonstrating a proactive approach in facilitating access to support. Bridging Gaps and Inclusivity Acknowledging the disparities in access to relief programs, EFund’s eorts to bridge these gaps, especially during the third round of the Paycheck Protection Program (PPP), are commendable. By targeting BIPOC business owners, sole proprietors, and industries heavily impacted by the pandemic with limited banking relationships, EFund showcased its commitment to inclusivity and equity. A Testament to Resilience and Hope Thank you to those organizations that made our recovery work possible, including responsive support from our funders, the dedication of our strong partner network and the resiliency of small business owners to inspire and ignite the passion for our work every day. Leadership in PPP Lending As traditional bank funding for the PPP dried up, EFund emerged as a crucial player in delivering PPP funds, especially in the third round of the program. Thanks to the support from financial and community partners, EFund was able to extend its services beyond its usual scope, emphasizing the collaborative eort required to foster regional recovery. A Sudden ShiftThe COVID-19 PandemicKarin Kraemer | Duluth Pottery | Duluth, MN | with Sandi Larson

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14Kelly ShaggyEduTechTrekAshland, WIGuided by Kelly Shaggy, EduTechTrek brilliantly bridges the gap between educationand technology. This innovative marketing enterprise embodies the dynamism of turning personal passion into a thriving, growth-oriented business. By focusing on empoweringsmall business owners to learn digital marketing skills and leverage technology to manage and grow their businesses, Kelly is motivated to educate fellow business owners. Recognizing her talent and the dedication she brings to her clients, we’ve continued our partnership with Kelly and EduTechTrek (Education Technology Trekker) by adding them to our Expert Network, a trusted network of industry experts committed to providing services to small business owners in our region. This recognition further strengthens Kelly’s expertise and promotes digital resilience in our regional economy. It’s easy to get imposter syndrome when you don’t see a lot of minority-owned businesses operating in the same industry. Working with EFund and their partners was not only helpful but extremely validating. I felt like I was being taken seriously and their excitement got me excited about what I’m doing.

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15Boosting Job QualityA Pathway to Resilient Communities Recognizing the Potential of Small Business Small businesses form the backbone of our region, creating over 60% of jobs across the area. However, these job creators oen encounter significant challenges in hiring and retaining skilled workers. We understand the potential that lies within small businesses to transform their communities when given the right tools and resources. Key Learnings There were significant lessons derived from this pilot program. We learned that business owners are actively seeking strategies and resources to invest in their employees. Given the right resources and support, entrepreneurs can and want to find innovative ways to improve their team’s experience.The pilot also highlighted the importance of non-monetary investments in enhancing employee engagement. When entrepreneurs clearly define roles, align employees with company goals, and create paths for skill development, employees are more likely to stay invested in their work. Quality job creation, we’ve learned, isn’t just about financial investment. It’s about guidance, clarity, and creating a positive work environment. The Way Forward As we move forward, we’ll continue gathering and analyzing data, looking for trends that will help guide businesses in this vital work. We’re excited to explore new ways of partnering with businesses to boost job quality and create lasting economic resilience. We extend our gratitude to our funders, Otto Bremer Trust and Minnesota DEED, for their invaluable support in this journey to build a diverse, resilient regional economy.Together, we’re not only transforming small businesses. We’re changing lives and strengthening communities, one quality job at a time. Launching Pilot Program To tap into this potential, we launched a pilot program that combined grant funding with advising services. The goal? To support small businesses in enhancing job quality. The program focused on recruiting, hiring, and retaining workers, with a particular emphasis on supporting our rural communities. In this pioneering initiative, we collaborated with 29 small businesses that together employ over 400 people. These businesses were guided to create jobs that provide not only a living wage but also encompass essential aspects like benefits, engaging work environments, and opportunities for career progression. Among these businesses, 30% were able to achieve all the quality job criteria. Another third provided living wage jobs with a combination of benefits. And while the final third weren’t yet able to oer a majority of their employees a living wage, they initiated plans to enhance job quality and successfully increased pay rates. Lamppa Manufacturing | Tower, MinnesotaDiving Deeper:

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16Garrett LamppaSara ShermanLamppa Manufacturing Discovery HorseTower, MN Fort Ripley, MN For 40 years, Daryl Lamppa and his crew of 3-4 employees made 100 sauna stoves and 40-50 furnaces a year consistently. Today, the fourth-generation Lamppa Manufacturing run by Daryl’s son Garrett Lamppa, employs 18 skilled workers, and at the peak of the COVID-19 pandemic in 2020 they sold 650 sauna stoves and 100 or so furnaces. Operating at a dierent scale put a huge emphasis on changing internal processes and a heightened focus on providing quality jobs for the small, rural community of Tower. Through their partnership with the Entrepreneur Fund, Lamppa Manufacturing has been able to oer competitive wages, access to health care benefits, and a flexible work schedule. Garrett is committed to providing quality careers in his community and hopes other businesses in smaller communities will see the value and make it work, too. Discovery Horse has significantly improved job quality and revenue by collaborating with the Entrepreneur Fund. Adopting a business model that emphasizes sta welfare and oers competitive wages, the company has built a dedicated team, expanding with positions that pay above industry standards. EFund’s essential support through loans, referrals to experts and personalized guidance has spurred growth, enabled exploration of new revenue avenues, and laid groundwork for future expansion and employee benefits development. The company’s recent success has owner Sara Sherman hopeful that they will continue to expand access to the crucial services provided by her behavioral health and mental wellness agency. A lot of these other businesses in small communities can do this, too. This is not impossible. When you commit to your employees, they commit to you and that changes the ballgame.EFund has made it possible to be where we are today. Full stop. We could not have done it alone.” “

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17Pioneering Initiatives for Regional GrowthAs a cornerstone of our community, the Entrepreneur Fund has always aimed to respond innovatively to the unique challenges facing our regional businesses. We’re proud to introduce three groundbreaking initiatives we’ve been diligently working on. Equip’d: Tailored Capital for GrowthRecognizing the critical need for accessible financing to fuel small business growth, we’ve been working to develop an innovative financing tool, akin to revenue-based financing. Equip’d is focused on tailoring investment options for local businesses looking to expand, transition owners, or simply needing a unique solution. Equip’d oers a way to bridge the gap between debt and equity by partnering with local owners to ensure they have the resources they need to reach their goals.Our grateful acknowledgment goes to WBD for their initial investment, which was vital in the Research & Development phase, ensuring the feasibility and viability of this innovative approach. This initial investment laid the groundwork for us to secure a generous seed grant from the Wells Fargo Foundation, enabling us to pilot the program over two years.Looking ahead, our focus is on formalizing the program, generating leads, and ensuring it reaches the businesses that need it most. This innovative financing program is set to revolutionize how we support growth-oriented businesses in our region.Driving Digital Transformation at the Entrepreneur FundThe second initiative centers on pioneering digital transformation within the CDFI and nonprofit spaces. We are proud to be recipients of the OFN Google.org grant for technology investments. This grant enables us to amplify our impact through system integrations, automation, and data-driven decision-making. Our digital transformation goals are focused on enhancing capacity and skills to provide high-quality services to clients and fostering a secure, innovative digital environment that encourages growth and experimentation. Innovative Capitalization Tools Lastly, we are deeply committed to finding new forms of capital to invest in small businesses. By strategically leveraging state, federal, and private sources of capital, we have achieved substantial growth in our capital base. However, the demand consistently outpaces the supply. Consequently, our resolve is to continually innovate and expand our work in this area, ensuring entrepreneurs have access to the capital they need when they need it most. These initiatives are testaments to our unwavering commitment to catalyzing growth in our region’s economy and fostering transformative change in our cherished communities. Anna Bailey | Bailey Builds | Duluth, MN

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18Expansion Into WisconsinDriving Rural Revitalization In 2022, the Entrepreneur Fund announced an ambitious expansion into 12 additional counties and seven Native nations that share geography with Wisconsin. Our mission resonates in these rural areas: to unlock the transformative power of small businesses and provide them with a comprehensive suite of resources to reshape their communities. The COVID-19 pandemic underscored a critical gap in resources for supporting rural businesses in northern Wisconsin. A 2021 market study exposed a pronounced scarcity in both capital access and strategic advisory services for many business owners. EFund’s dedication to fostering vibrant rural communities aligns with this need. Commitment to rural development dovetails with this pressing need, complementing Wisconsin’s economy, which is deeply rooted in its natural resources.This expansion was made possible by $8 million in Diverse Business Assistance and Diverse Business Investment grants from the Wisconsin Department of Administration. We initiated the first phase of our two-part strategy in 2023. This phase saw our services reach Bayfield, Ashland, Iron, Price, Sawyer, Washburn, and Burnett counties. In just one year, we’ve made significant strides, investing $4.4 million in small business capital and oering no-cost business advising to 258 businesses in northern Wisconsin. In addition, we’ve distributed $262,000 in grant funds to businesses who have been historically underbanked or denied funding through the Rural Equity Grant and the Down Payment Assistance Grant programs. Looking forward, our strategic rollout continues. In 2024, we’ll embark on the second phase, extending our reach eastward to fully encompass our expanded service area.Our expansion would not be feasible without the strong network of partners we have the privilege of working with. We’re deeply grateful to the Small Business Development Center at UW-Superior, revolving loan funds, Northwest Regional Planning Commission, and Associated Bank for their investment in our mission. Further, the economic development agencies, Native nations, and others in the region have shown unwavering support and partnership. Echoing our founding vision, this expansion is more than geographical growth—it’s about driving significant impact by empowering small businesses in rural regions. The potential of these enterprises to transform their communities is vast. Our role is to ensure they have the resources to realize this potential.As we move forward, we remain committed to our mission of fostering economic growth and resilience in our newly-served areas. With small businesses leading this transformative journey, we’re not just expanding our reach; we’re nurturing the seeds of community-led prosperity and change.

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19Annalisa BermelSt. James SocialBayfield, WI With a focus on connection and community, Annalisa Bermel sought to transform a historic building in downtown Bayfield into a boutique hotel and lobby bar. The owner of the newly renovated St. James Social had a complex set of financial contributions for her $4.1 million project. However, a lower-than-expected property appraisal le a significant funding gap just weeks before the deal was supposed to close. The Entrepreneur Fund stepped in to assist Bermel, providing the necessary funding to bridge the gap and ensure the project could move forward. By partnering with the Entrepreneur Fund, Bermel was able to realize her vision for St. James Social and contribute to the revitalization of downtown Bayfield. I like to say that EFund came in as the last saving grace, and the last puzzle piece that suddenly just made it all fall together and feel really easy.Nick &Robyn OlsonAnderson & Hammack Construction Company Superior, WI Ready to expand and seeing a need for their contracting services in rural Wisconsin, Nick and Robyn Olson partnered with the Entrepreneur Fund on financing and strategic planning. Through our creative lending solutions, business planning courses, and access to our network of resources, Anderson & Hammack Construction Company is well-positioned for growth and success. By participating in our Be Strategic program, the Olsons walked away with a framework to set goals for growth and develop a comprehensive business plan for the next five years. As the Olsons continue to expand their contracting services further into Wisconsin, they remain connected to our team and resources, which have proven invaluable in moving their business forward. I’m more confident now than I was before. The way the Entrepreneur Fund can connect you with fellow business owners and expertise is an amazing resource.

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20Creating Inclusive Entrepreneurship OpportunitiesYasuko Holt | Zen House | Duluth, MNOur commitment to diversity, equity, and inclusion (DEI) has fostered an energized entrepreneurial ecosystem over the past three years. This commitment has solidified partnerships with BIPOC (Black, Indigenous, and People of Color) communities, providing a platform for learning, collaboration, and impactful strategies. In our strategic plan we set out to make a dierence, which can be demonstrated through significant results such as an increased annual lending to BIPOC entrepreneurs from $208,000 in 2018 to over $4 million in 2022.Stride ProgramIn 2022, the Stride program was inaugurated as a cornerstone initiative of our strategic plan. Designed specifically for BIPOC business owners, Stride provided a comprehensive support system that included a collaborative learning environment, grant funding, and 0% interest loans.The program successfully partnered with 74 businesses, administering over $1M in combined grants and loans. Moreover, our team has dedicated nearly 2,500 hours to supporting these businesses through various activities and engagements. One of the most significant outcomes of the Stride program has been the enhancement of networking opportunities for BIPOC entrepreneurs. This has not only bolstered their community connections but also improved their access to crucial business resources and flexible financing options.Investing in Our TeamAt EFund, our commitment to DEI permeates both our programs and our internal structure. We’ve made significant strides in governance by achieving a board composition of 50% women, which now includes members from immigrant and tribal communities for the first time. This diversity fosters a more inclusive and eective decision-making process.Additionally, we have dedicated ourselves to the continual learning and development of our sta and board in DEI, utilizing tools like the Intercultural Development Inventory (IDI) Assessment. Despite these eorts, we’re acutely aware of the systemic challenges BIPOC entrepreneurs face, such as limited access to capital and knowledge gaps, further exacerbated by the COVID-19 pandemic. The notably lower survival rates of BIPOC-owned businesses, especially those owned by Black Americans, underscore the urgency and importance of our work. Our aim extends beyond mere survival; we aspire to create a landscape where BIPOC businesses not only endure but flourish, contributing significantly to economic growth.We extend our sincere gratitude to our supportive funders and partners, whose unwavering support fuels our mission to forge a more inclusive, equitable, and thriving entrepreneurial ecosystem.Partners in This WorkThank you to our generous funders and partners in this work, including the Blandin Foundation, Lloyd K. Johnson Foundation, Otto Bremer Trust, the SBA PRIME Program, and the Wells Fargo Foundation. Your support empowers us to press on with this critical work, and we eagerly anticipate the journey ahead as we continue to champion a more inclusive and prosperous future.Diving Deeper:Annual Lending to BIPOC Entrepreneurs$1 M$2 M$3 M$4 M2018 $207,6642019$820,2632020$1,823,7642021$3,128,4332022$4,365,9642023$3,307,833

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21Dianna SunsdahlKesley EbbsCal & Natalie HarrisDiannaz Dreamz Growing Futures LLC Superior Wafﬂes Tower, MN Ely, MN Superior, WISeeing the potential for the main street to take o again, Dianna Sunsdahl purchased a large brick building in downtown Tower. Since then, Dianna has grown her property management business, Diannaz Dreamz, through a variety of partner resources and Entrepreneur Fund lending and advising services, including participating in the Stride program. While she admits she was initially interested in the program for the funding, she said it proved to be more valuable in other areas of her business. Through Stride she fine-tuned her business plan, gained a better understanding of her financials and worked with an attorney to create lease agreements for potential tenants. Dianna and her growing business demonstrate the positive impact entrepreneurship can have on its community. Kesley Ebbs saw a need for specialized land management services in the Ely area. His extensive background in sustainability projects led him to start his own business, Growing Futures LLC. Since beginning to bid on projects in 2021, the Entrepreneur Fund has assisted Kesley with working capital needs and connecting him with industry experts in accounting and marketing. The Stride program further guided his business acumen by creating a strategic business plan and cash flow projections that took into eect the seasonal nature of his business and the turnover of his college student employees. Through our continued partnership, Kesley has been able to expand his business, acquire necessary equipment and provide employment/training opportunities for college students interested in the natural resources field. With the desire to continue to grow their business, Cal and Natalie Harris sought out the Stride program to assist them in expanding into catering. Through the program, the Harris’ were able to build upon their 3-year, 5-year and 10-year goal, purchase necessary equipment to expand into catering, such as more wale irons and a large vehicle to transport materials to on-site events. Since expanding into catering, Superior Wales has provided delicious food for weddings, funerals, baby showers, corporate events, and more. The success of Superior Wales is attributed to the determination of the Harrises and their utilization of local resources like the Entrepreneur Fund and their local SBDC for support in achieving their goals.

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22Community InvolvementDistinction AwardsCelebrating Regional Business ExcellenceThe Entrepreneur Fund’s first-ever Distinction Awards, held on October 25, 2023 at the Duluth Entertainment Convention Center, marked a significant milestone in celebrating small business excellence in the region. This event, attended by 250 business owners and community leaders, not only recognized the pivotal role these entrepreneurs play in our region’s economic growth but also provided a unique platform for learning and connection.The “Behind-the-Business” sessions were a focal point, oering insights into the operational strategies of ten honored businesses. This facilitated an environment of peer learning and engagement.Ten business leaders were presented awards for their innovation, growth, and community impact, highlighting their journey and contributions.The event also featured local flavors with 18 food and beverage businesses participating, showcasing regional culinary diversity and community spirit.An aer-party featuring live music by Mississippi Hot Club provided a platform for attendees to network and celebrate in a collaborative atmosphere.Recognition of Excellence Network BuildingEngagement and LearningHighlights

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The Distinction Awards successfully underscored the Entrepreneur Fund’s commitment to fostering a vibrant entrepreneurial ecosystem. This celebration not only recognized outstanding business leaders but also reinforced the importance of collaborative growth and community engagement in driving regional economic development. As partners and funders of the Entrepreneur Fund, your support has been instrumental in these achievements, and we look forward to continuing this impactful journey together.24hr Bookkeeper (Karine Woodman): Evolving from a local to a national accounting firm.A+ Garden & Landscaping (Tabatha Beier): Innovations in workforce and job quality.Lamppa Manufacturing (Garrett Lamppa): Commitment to workforce quality in family-owned manufacturing.Arctic Compressor (Steve Potter): Expansion of a family-owned business.Rapids Brewing (Bill Martinetto): Community engagement and business expansion.Baby’s on Broadway (Adelle Starin): National market expansion and network building for mothers.SCS Interiors (Mike Hudyma): Transformation into a world-class manufacturing firm.Duluth Grill (Tom Hanson): Fostering a positive work culture and sustainable leadership.Syvantis Technologies (Janelle Riley): National growth with a focus on people and capacity development.Tongue and Groove Store (Ann and Kyle Anderson): Scaling from a start-up to a national manufacturing company.2023 Distinction HonoreesThe Distinction Awards are a purposeful mix of education, socialization, and celebration. There is no better showcase of the thriving businesses in the region and event where the collective energy ignites a fresh passion for business growth in our area.” – Brady Erickson, Titanium Partners23

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24Key PartnerThank YouEach organization and person listed here has played an instrumental role in propelling the Entrepreneur Fund’s mission. Your contributions, big or small, have empowered us to provide essential support to entrepreneurs, drive economic growth, and shape vibrant communities. We’d like to give a special note of gratitude to those who have made substantial contributions, making a significant impact on our work. Your belief in our mission, and your tangible support, fuels our eorts and enables our success. We sincerely thank each of you for your unwavering commitment and invaluable support. ALLETE - Minnesota Power FoundationAssociated BankBlandin FoundationCDFI FundCity of Duluth & DEDADakota ResourcesDuluth Superior Area Community FoundationEpiscopal ChurchHuntington BankInitiative FoundationLloyd K. Johnson FoundationMN DEEDMN Department of Iron Range Resources (IRRR)Northern TrustOpportunity Finance Network (OFN)Otto Bremer TrustRenewing the CountrysideShavlik Family FoundationSt. Louis County - CDBGU.S. Department of Agriculture (USDA)U.S. Small Business Administration (SBA)Wells Fargo FoundationWisconsin Business Development Corporation (WBD)Wisconsin Department of AdministrationAt the Entrepreneur Fund, we understand the strength in unity and regularly engage regional stakeholders to establish committees for new initiatives and program oerings. Through the merging of diverse experiences and expertise, we cultivate innovation, facilitate comprehensive problem-solving, and deepen our understanding of varied perspectives. This collaborative synergy drives the development of new programs and oerings, resulting in solutions that resonate with and cater to a diverse audience. We extend our sincere gratitude to the community leaders who joined our eorts, particularly those on the selection committee for the WI Rural Equity grants and the members of the STRIDE advisory committee, whose time and expertise have contributed to positive change.Highlighting the Impact of Committee CollaborationAchieving Results:

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25An Expression of Gratitudeto Key ContributorsWells Fargo:WBD:A steadfast partner in advancing our small business lending during the pandemic, enabling us to innovate in our expansion to Wisconsin, and demonstrating a genuine commitment to small business and community prosperity.Thank you for trusting in EFund and your partnership to provide a wide array of services, grants, and loan programs across 13 Wisconsin Counties and 7 Native nations that share geography with Wisconsin.Showcased leadership by funding innovative capital solutions through the Entrepreneur Fund’s Royalty Finance program, significantly aiding regional business growth and scaling.An early believer in EFund’s growth ambitions, and a shared mission partner who believes in the power of small businesses and what they do for our communities and region.Otto Bremer Trust:State of Wisconsin:

EFund Mission Progress Report 2021-23

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