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Entrepreneur Fund seeks $1 million revolving loan capital to finance Main Street and startup projects
Summary
The committee heard a short presentation from the Entrepreneur Fund, which asked for a $1 million revolving loan capital appropriation to leverage private matching funds and expand lending capacity in Central and Northeast Minnesota; the bill was moved before the committee and laid over.
Representative Russell Schultz moved House File 15‑06 to be before the committee; the chair accepted the bill for consideration and laid it over for further review.
Sean Wellness, CEO of the Entrepreneur Fund, testified that the organization provides revolving loans and technical assistance to startup and Main Street businesses in 16 counties and five tribal nations in Central and Northeast Minnesota. Wellness said $1 million in state capital would be leveraged multiple times (historically at least 3:1) to provide small loans that catalyze private investment and help projects proceed in places where commercial lenders do not readily lend. He described the fund’s role as a “catalyst” that often enables private capital to follow public seed loans.
Why it matters: The request is framed as an economic development tool that increases access to capital in underserved markets; backers said the fund has a track record of turning small public investments into larger private projects and local job creation.
What’s next: HF 15‑06 was laid over for follow‑up and technical review.
