In 2019, WBD met Entrepreneur Fund (EFund) CEO Shawn Wellnitz at a lenders conference, recognizing the potential in supporting this regional CDFI focused on advising and lending to entrepreneurs. WBD’s $150,000 investment in EFund’s Envest Capital Campaign helped unlock $24.85 million in new loan capital.
As lenders pulled back during COVID-19, EFund deployed over $72 million in loans, supporting more than 3,000 businesses. WBD also invested $50,000 to research a revenue-based financing model, which attracted $2.25 million from Wells Fargo. A recent $100,000 investment further boosted efforts to build a local investor network for scalable businesses.
EFund’s growth caught the attention of philanthropist MacKenzie Scott, resulting in an unsolicited $9 million grant to help more businesses thrive in Minnesota and Wisconsin.
Shawn Wellnitz, President and CEO, Entrepreneur Fund, appreciates WBD's partnership over the years. “Thanks to WBD’s ongoing investments in EFund, we’ve been able to successfully leverage significant funding to advance economic and community development in our 29-county service area or rural Wisconsin and Minnesota. WBD is a forward-looking, innovative partner that’s been critical to our success.”
For more information on the Entrepreneur Fund, visit www.efund.org.
