Duluth non-profit receives $9 million gift from philanthropist billionaire
A generous gift from philanthropist billionaire MacKenzie Scott will benefit small businesses across Minnesota and Wisconsin. The Duluth-based Entrepreneur Fund (EFund) received an unrestricted donation of $9 million.
Yield Giving’s “Quiet Research” process did in-depth, private research to identify EFund as a nonprofit with a “high potential for sustained positive impact.
Efund did not apply for this gift, which caught their team by surprise.
In a statement, Shawn Wellnitz, CEO of EFund said, “An investment of this size from MacKenzie Scott and Yield Giving is a meaningful affirmation of EFund’s mission, the work we do, and the efforts of our staff, Board of Directors, partners, funders, and communities. This is a game changer for our work going forward.”
So far, Scott has donated more than $17.3 billion to over 2,300 nonprofits.
“We are grateful to everyone who shares our mission,” said Crystal Rohde, EFund Board Chair. “This work is not done alone, and this gift is a testament to our strong partnerships and the work we’ve achieved together so far.”
EFund’s mission is: “To advance community economic development in rural and underserved communities. We work to achieve this by actively partnering with entrepreneurs to stimulate the growth of successful businesses.”
From 2021-23, EFund says it has served 3,400 entrepreneurs and extended over $73.7 million in loans that provided critical relief, catalyzed growth, and fostered success across various stages of business.