Entrepreneur Fund Received 2017 SBA Minnesota Lender Award

Entrepreneur Fund Received 2017 SBA Minnesota Lender Award

Posted on October 11, 2017 at 04:09 PM. Written by Entrepreneur Fund

The Entrepreneur Fund is honored to be recognized by the U.S. Small Business Administration (SBA) as the top SBA Minnesota Microlender, helping small businesses succeed from July 1, 2016 to June 30, 2017. Eleven small business lenders from around the state were recognized and received awards at the 5th Annual Lenders Conference on September 7, 2017. 

“This recognition is truly an honor for the Entrepreneur Fund.” said Shawn Wellnitz, CEO of the Entrepreneur Fund. “Funding from the SBA makes so much of our work to support regional business owners possible.”

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Entrepreneur Fund Team Accepting the 2017 SBA Minnesota Microlender Award

The Entrepreneur Fund provided 65 SBA Microloans for a total of $1,534,242 in the SBA Fiscal Year. SBA Microloans are loans up to $50,000. These flexible loans are ideal for business start-ups and small business expansion projects as eligible uses include working capital, start-up costs, equipment, and inventory – and come with simple underwriting criteria. Borrowers receive access to operations and strategic consulting, at no-cost to them, by staff with entrepreneurial experience and a team of expert consultants in human resources, marketing, and accounting.

The SBA helps small businesses access capital by providing funding to lending institutions – like the Entrepreneur Fund – or through providing direct guarantee programs to lenders. The SBA sets the guidelines for loans made by its SBA Microloan intermediaries. For other programs, the SBA guarantees repayment on loans through its guarantee programs which eliminates risk to the lending partners.

“Minnesota is truly fortunate to have so many lenders working across the state to help small businesses access the capital they need to start, grow and succeed,” says Nancy Libersky, the SBA’s Minnesota District Director. “SBA loan programs help them be an even greater asset to their communities by guaranteeing large portions of their small business loan portfolios. As we honor these 11 lenders for their SBA successes, we also thank all of SBA’s banking partners here in Minnesota.”
The SBA and the Entrepreneur Fund are long-time partners. The Entrepreneur Fund hosts an SBA Women’s Business Center called the Women’s Business Alliance, which provides women’s business programming and access to capital for women business owners. The Entrepreneur Fund is also an SBA 7A lender, providing access to loans up to $500,000 for small businesses who don’t qualify for traditional bank financing. These programs ensure entrepreneurs in the Northland have the services and capital they need to start, stabilize, or expand their business.

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