Entrepreneur Fund Named in SBA Microlender Top 10 of 2017
FOR IMMEDIATE RELEASE
Contact: Amanda Rolfe, program Coordinator
Phone: 218-623-5729
Email: amandar@entrepreneurfund.org
Website: EntrepreneurFund.org
Entrepreneur Fund Named in SBA Microlender Top 10 of 2017
Duluth, Minnesota – March 6, 2018: The Entrepreneur Fund is honored to be recognized as the tenth ranked SBA microlender in the United States based on dollar amount loaned to small businesses in 2017 by the U.S. Small Business Association (SBA). Currently, there are over 120 SBA Microlenders in the country. The Entrepreneur Fund provided over $1.5 million in SBA microloans to small businesses in northeast Minnesota and northwest Wisconsin in 2017.
“The SBA Microloan program is an effective way to get small loans and support to small businesses,” said Shawn Wellnitz, Entrepreneur Fund CEO. “These loans provide funds for real opportunities – start-ups, small expansions, or to fulfill newly awarded contracts. This program is a major resource for entrepreneurial activity.”
In 2017, the Entrepreneur Fund was able to provide 65 microloans to small businesses in the region, totaling over $1.5 million in total microloan financing. Already in 2018, the Entrepreneur Fund has closed 29 microloans.
With an SBA microloan, Brad Ruoho, owner of Legacy Toys, was able to invest in inventory for the holiday season for his store located in the Miller Hill Mall in Duluth. This allowed him to stock his expansion that doubled the square footage. Brad was able to access marketing consulting services at no charge as part of receiving an SBA microloan. Simon Property Group, which owns the Miller Hill Mall, has approached him to open stores in other Simon Property Group malls. His latest store opened in Fargo in November 2017.
The SBA Microloan Program was authorized in 1991 to provide small business loans, up to $50,000, to borrowers who are unable to get conventional financing for a variety of reasons; including the lack of sufficient collateral, net worth, or business experience. Borrowers are eligible to receive consulting and services to start, improve, or grow their business – at no cost to them. This program has provided hundreds of northland entrepreneurs with new opportunities and is popular for start-up and young, emerging businesses. A typical borrower will access two to three loans before they become eligible for conventional financing.
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About The Entrepreneur Fund
The Entrepreneur Fund is the resource for entrepreneurs in northeast Minnesota and northwest Wisconsin. The Entrepreneur Fund has fueled more than 14,000 businesses with expert support and funded over $35 million in loans since 1989. The Entrepreneur Fund is dedicated to strengthening entrepreneurship in the region, while also supporting and increasing economic development. Through this strategic approach, the Entrepreneur Fund promotes the entrepreneurial spirit and helps create economic wealth and diversity in northeast Minnesota and northwest Wisconsin. For more information, visit EntrepreneurFund.org.
