.jpg)
Senator Grant Hauschild (DFL-Hermantown) presented legislation (S.F. 4609) Monday providing $1 million in funding for Minnesota’s Entrepreneur Fund, a critical resource for helping Northeastern Minnesota’s small businesses secure loan capital.
“The Entrepreneur Fund is an essential resource providing accessible capital and services for small businesses to sustain and grow throughout Northeastern Minnesota,” said Senator Hauschild. “It also has a tremendous return on investment. Together with matching federal dollars and private funding, every $1 in grants from the Entrepreneur Fund leads to $7-$12 in total lending for these businesses.”
The Entrepreneur Fund began as a lifeline to start and grow small businesses and to renew the entrepreneurial culture in the Iron Range, and now serves 16 counties and 5 tribal nations in Minnesota, serving mostly rural communities. It is the #1 Small Business Administration microloan lender in Minnesota, providing $23 million to $27 million in loans annually.
Following the presentation and testimony on the bill, S.F. 4609 was laid over for possible inclusion.
