At the U.S. SBA Minnesota Lenders Conference on September 15, 2022, the U.S. Small Business Administration’s (SBA) Minnesota District recognized 11 lenders throughout the state for their commitment to helping small businesses succeed. The Entrepreneur Fund was honored to be amongst them.
“This year we are supporting and recognizing the incredible work of lenders who are utilizing SBA-backed loans to help Minnesota’s small businesses access the capital they need to drive our economy,” said SBA Minnesota District Director Brian McDonald. “Minnesota’s lending community, totaling nearly 300 banks, credit unions and loan funds, have continued to step up in remarkable fashion serving thousands of Minnesota small businesses with SBA-back loans that are creating vibrant communities and jobs.”
Entrepreneur Fund Credit Manager, Zack Hoy, accepted the award on behalf of the EFund Lending team.
EFund SBA Microloan Program Highlights
- The United States has 137 SBA Microlenders. In 2021, the average SBA Microlender originated 32 loans for a total of $519,000.
- In 2021, EFund originated 132 SBA Microloans for a total of $4,100,000.
The Entrepreneur Fund is…
- #1 Microlender in Minnesota
- #1 Microlender in Wisconsin
- Ranks in the top 5 Microlenders in the United States
The Value of the SBA Microloan Program
Where others see risks, we see opportunity.
Starting, stabilizing or expanding a small business depends more on quality advice than financing. The SBA Microloan Program enables the Entrepreneur Fund to pair necessary capital with building strong relationships with regional business owners. Then provide quality support as they make critical decisions by listening, offering sound advice, planning assistance and access to the EFund Expert Network.
The Microloan Program provides loans up to $50,000 to help small businesses start and expand. The average microloan is $13,000. The program has benefited hundreds of businesses in our region. It’s likely that your favorite local business benefited from a microloan to get started and grow.
“Duluth Coffee Company started in 2011 from a $10,000 Microloan from EFund. We wouldn’t be here without it. Since, additional microloans have given us access to needed working capital that has grown our production from 100 lbs. to 400 lbs. of coffee per day.”
– Eric Faust, Owner of Duluth Coffee Company