In the fight to keep small businesses afloat in the rugged economic landscape of Northeastern Minnesota, Senator Grant Hauschild is rolling up his sleeves and getting to work. The state senator is pushing for a financial boost to the tune of $1 million for the Minnesota Entrepreneur Fund, as per a Senate DFL statement.
Hauschild, a Democrat representing Hermantown, presented the bill (S.F. 4609) aimed at lining the coffers of the fund which stands as a bulwark against economic headwinds for small biz entrepreneurs in the region, the Senator noted the Entrepreneur Fund is "an essential resource providing accessible capital and services for small businesses to sustain and grow throughout Northeastern Minnesota," and went further saying that the fund's grants "lead to $7-$12 in total lending for these businesses," a clear cut above when federal dollars and private funding step in the ring.
The model of the Entrepreneur Fund, which has been the cornerman to small businesses since its inception, has proven its weight in gold not only across the 16 counties but also amongst the five tribal nations it serves—sealing its reputation as the top small business administration microloan lender in Minnesota with loan distributions floating between $23 million and $27 million each year.
After Hauschild sounded off on the bill and witnesses chimed in during Monday's Senate Jobs Committee, the proposed legislation was benched for now, left hanging in the ropes until it can be tagged into the final budget brawl; as post-hearing actions saw S.F. 4609 laid over for possible inclusion in the state's spending plan, it's an opening bell for what could be a major win for local entrepreneurs who are still battling in the ring every day to keep their dreams alive and their doors open.
