By Joe Morey News Editor
Two separate grant programs remain available to tribal member entrepreneurs throughout the region, including the 7 tribes of northern Wisconsin. The Entrepreneur Fund (EFund), a non-profit organization, offers loans and grants, business consulting and educational classes to 12 counties across northern Wisconsin including LCO, Bad River, St. Croix, Red Cliff, Mole Lake, Lac du Flambeau, and the Forest County Potawatomi.
LCO News sat down with three members of the E Fund team to discuss available options to tribal members. Mike Lattery, lending manager, Kara Gunderson, business developer, and Thomas Clark, business loan officer all shared what the fund is about and how they can help tribal member businesses grow and sustain that growth.
They also provided information on how you can access these grants, the Rural Equity Grant Program and a business loan program where a percentage is offered as a grant you won’t have to pay back.
With a mission to actively partner with entrepreneurs to create growing businesses, thriving communities, and a diverse regional economy, EFund doubled in size during the pandemic.
Lattery explained that that EFund was counted on during the pandemic to help small businesses survive. They were able to help get the word out on what help was available to them. During that time, EFund only operated in northern Minnesota.
“We had an amazing amount of calls from northern Wisconsin,” Lattery said. “They didn’t have access to help or anyone to call and we realized we didn’t really have anyone to turn to, so we talked with the state of Wisconsin.”
In January of 2023, they officially became available to the 7 Tribes and 12 counties of northern Wisconsin.
Lattery said their business model is to work with rural business owners and in this area, only a couple of cities are over 25,000 people.
“We specialize in partnering with other organizations doing similar work by providing support and assistance,” Lattery explained.
He said they also partner with entrepreneurs by combining the key ingredients for growth and success: access to capital and business advising.
Part of that advising is to offer programming and classes. Kara Gunderson has been leading that charge in northern Wisconsin since opening in January of 2023.
Part of what they offer to businesses is that EFund has a network with technical assistance experts in accounting, legal, marketing and human resources.
They’ve offered classes where they do an intense financial analysis of a business reviewing where they can save cash and be more sustainable. These classes are free and include titles Expert Networking, Be Strategic and Profit Mastery.
“Small businesses can strengthen themselves to be prosperous,” Lattery said of the classes. He noted that helping strengthen the business not only helps the business, but it helps the community as well. He said they go through banks in that community and bring them clients.
Lattery said they also do one on one consulting at no charge. Any business can reach out for consulting and they won’t have any obligations.
“A lot of businesses just don’t have the opportunity to just talk. It helps to network. It’s powerful.”
He said they partner with entrepreneurs to make thriving communities. Their website states, “We believe entrepreneurs and small businesses have the profound power to shape thriving and inclusive communities across our region. By harnessing the power of entrepreneurs, we have the opportunity to diversify local economies, tackle systemic issues, create high quality living wage jobs, increase community vibrancy, and provide profound opportunities for communities to write their own narrative and tell their own story of progress and growth. Every day we partner with entrepreneurs to make this a reality.”
The website also notes “No matter the stage of your small business, EFund has the team, resources and connections to help you move forward. As your partner, EFund will co-create a unique roadmap to help you achieve your business and personal goals.”
Lattery explained they have two separate grant programs available to tribal members, which include the Rural Equity Grant Program and a business loan program where a percentage of the loan is awarded as a grant.
The Rural Equity Grant is a straight up grant but on a competitive basis. Gunderson stated they’ve had 140 applications from the 7-county area covering the northern Wisconsin Tribes with 44% of those being awarded from $8,300 to $10,000 each.
A couple of requirements exist for this particular grant, which include that current existing businesses, if less than three years old, must show growth of $10,000 in the past 12 months.
Clark said that for start up businesses, E Fund will help with writing a business plan and consulting to make sure they are on the right track.
Another grant they offer is if you get a small loan from E Fund, a grant comes with it, sort of like a down payment. For example, if you get a $30,000 business loan, a portion of that loan, up to $10,000 of it, would be in the form of a grant which wouldn’t have to be paid back.
“That grant portion goes a long ways to help the business owner be more prosperous,” Clark explained.
Both of these grants are available to northern Wisconsin through 2024.
Gunderson explained E Fund has partnerships with different banks, different economic development centers and different chambers of commerce throughout the areas they serve.
“If there is something we can’t help with, we can find someone who can,” Gunderson said.
The website states, “We partner with organizations that believe in our mission to grow small businesses, build thriving communities and create a diverse regional economy. Each partnership is unique and built to best serve a small business, a community or the region.
“From bringing together a group of funders to helping a small business access capital to collaborating on regional economic growth strategies, we understand that we’re stronger together.”
Applications for our Wisconsin Rural Equity Grant Program remain open to qualifying businesses and as part of their commitment to northern Wisconsin businesses, they are awarding up to $10,000 each through 2024.
Visit efund.org to apply today.
Designed to assist small businesses in northern Wisconsin, particularly those that are underbanked and have been disproportionately impacted by the COVID-19 pandemic, the Wisconsin Rural Equity Grant Program is open to established, diverse owned businesses for a wide range of business uses.
Entrepreneur Fund’s service region includes the following counties and Native nations:
Aitkin
Ashland (WI)
Bayfield (WI)
Benton
Burnett (WI)
Carlton
Cass
Cook
Crow Wing
Douglas (WI)
Florence (WI)
Forest (WI)
Iron (WI)
Itasca
Kanabec
Koochiching
Lake
Marinette (WI)
Mille Lacs
Morrison
Oneida (WI)
Pine
Price (WI)
Sawyer (WI)
Stearns
St. Louis
Todd
Vilas (WI)
Washburn (WI)