Northeast Entrepreneur Fund Inc
Northeast Entrepreneur Fund Inc is a public charity based in Duluth, Minnesota, that supports entrepreneurs and small businesses in rural and underserved communities. It provides small-business loans and services across a 29-county area of Minnesota and Wisconsin, pairing lending with business advising.
Northeast Entrepreneur Fund Inc at a glance
In short: Northeast Entrepreneur Fund Inc gave $491K across 52 grants in 2024 (avg $9K), mostly in Wisconsin. 92% of 2024 grantees were new. Source: 2024 IRS Form 990.
- Annual giving (2024)
- $490,734
- +0.9% vs 2023
- Grants made (2024)
- 52
- +52.9% vs 2023
- Average grant
- $9,437
- -34.0% vs 2023
- Median grant
- $10,000
- Total assets
- $83,445,384
- +17.8% vs 2023
- New grantees (estimate)
- 92% first-time grantees (48 of 52, 2024)
- Primary geography
- Wisconsin (78% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990, 2024 View filing
Data from IRS Form 990, 2024; updated October 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Northeast Entrepreneur Fund Inc
- Contact
Mailing address: 202 West Superior Street 311, Duluth, MN 55802
Phone: (218) 623-5747
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
5 open opportunities from Northeast Entrepreneur Fund Inc
Gap Financing
Northeast Entrepreneur Fund Inc
Amount
Up to $750,000
Deadline
Rolling (quarterly review)
Healthy Food Fund
Northeast Entrepreneur Fund Inc
Amount
Up to $750,000
Deadline
Rolling (quarterly review)
Rural Field to Market Grant
Northeast Entrepreneur Fund Inc
Amount
Varies
Deadline
Deadline not published
Who Northeast Entrepreneur Fund Inc funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
The largest 2024 recipient was Cashmere Hair N Beauty Spa ($14K). Together the top 10 received $130K.
Grant Size Distribution
145 grants across all recorded years
The most common grant size was under $50K: 144 grants of 145 (99%).
Geographic Focus
Where this funder awards grants
The organization serves entrepreneurs and businesses in 29 counties and 12 Native nations across Minnesota and Wisconsin. Its stated Minnesota service area includes Aitkin, Benton, Carlton, Cass, Cook, Crow Wing, Itasca, Kanabec, Koochiching, Lake, Mille Lacs, Morrison, Pine, Stearns, St. Louis, and Todd counties. Its Wisconsin service area includes Ashland, Bayfield, Burnett, Douglas, Florence, Forest, Iron, Marinette, Oneida, Price, Sawyer, Vilas, and Washburn counties.
Grant Distribution by State
Share of 2024 grant dollars across all 52 itemized grants.
Cities
Is Northeast Entrepreneur Fund Inc open to new grantees?
92%
first-time grantees, 2024
In 2024, 48 of 52 grantees (92%) were first-time recipients. First grants averaged $9K; repeat grants $11K. How we count
Medians: $10K first-time, $10K repeat.
- 6% of 2024 grantees were also funded in 2023. Method
Estimate from itemized grant lists in IRS Form 990 filings (2022–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2022 to 2024, annual grant giving ranged from $486K (2023) to $517K (2022). In 2024 it made 52 grants totaling $491K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Cashmere Hair N Beauty Spa Winter Haven, FL | Investment Grant | $14,000 |
| Lakewoods Transportation LLC Andover, MN | Investment Grant | $14,000 |
| Taqueria La Monarca LLC Ashland, WI | Investment Grant | $14,000 |
| The Frybread Shack Moquah, WI | Investment Grant | $13,500 |
| Farmboyz Mercantile LLC Stone Lake, WI | Investment Grant | $13,052 |
| Maysquare Madison, WI | Investment Grant | $12,220 |
| 46 North Environmental LLC Oulu, WI | Investment Grant | $12,200 |
| Du Nord Meat Company Alexandria, MN | Investment Grant | $12,200 |
| Hudson Square LLC Gutt, NJ | Investment Grant | $12,200 |
| JNJS up N up Ojibwa, WI | Investment Grant | $12,200 |
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Financial History
Multi-year comparison from IRS filings
For 2024, the organization reported $12,502,694 in program costs, $300,796 in fundraising expenses, and $834,693 in management and general costs.
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2024 | $83,445,384 | $20,597,228 | $13,593,307 | $490,734 | 52 | $621,949 |
| 2023 | $70,821,340 | $12,753,094 | $7,770,279 | $486,314 | 34 | $235,998 |
| 2022 | $67,902,279 | $13,045,758 | $7,187,889 | $516,500 | 59 | $7,410 |
| 2021 | $61,578,010 | $11,454,205 | $6,122,809 | — | — | $38,574 |
| 2020 | $46,345,806 | $10,003,829 | $4,820,484 | — | — | $3,121 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
The organization’s mission is to advance community economic development in rural and underserved communities by partnering with entrepreneurs to stimulate successful business growth. Its vision is vibrant communities and a diverse regional economy created and sustained by entrepreneurs.
Its services include small-business lending and advising. Its grantmaking includes business-purpose grants. The organization says grant applicants must describe the proposed use of funds, which must be for a business purpose; grant agreements may require follow-up to review how funds were used.
Grantmaking
In filing year 2024, the organization reported 52 grants totaling $490,734. Grants ranged from $5,155 to $14,000, with a median grant of $10,000. The largest grants included $14,000 each to Cashmere Hair N Beauty Spa in Florida, Lakewoods Transportation LLC in Minnesota, and Taqueria La Monarca LLC in Wisconsin. The stated purpose for each was an “investment grant.” Other leading recipients included The Frybread Shack ($13,500) and FarmBoyz Mercantile LLC ($13,052), both in Wisconsin, also for investment grants. Wisconsin received 78% of grant dollars, followed by Florida and Minnesota at 7% each.
The organization also lists the Rural Field to Market Grant, funded by the Wells Fargo Foundation, as currently open. It provides direct support grants to Minnesota farm and food businesses. The Wisconsin Down Payment Assistance Grant was a past program, with funding available only through 2024; it offered grants of up to $10,000 when paired with an Entrepreneur Fund small-business loan. The Healthy Food Fund and SBA Microloan are loan programs, not grants.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Jim Zastrow and Tabitha Beiber (through August 31) as treasurers; Crystal Rohde as chair; and Arik Forsman as vice-chair. Directors listed were Elizabeth Chapman, Megan Erickson Kellin, Dustin Goslin (through August 31), David Manion, Julie Padilla (through August 31), and Jake Robinson.
Northeast Entrepreneur Fund Inc is led by Shawn Wellnitz, CEO & President since 2024 (on filings since 2020); 6 of 17 officers listed in 2024 are compensated.
Officers on the 2024 filing
Shawn Wellnitz
CEO & President
Chief Executive Officer → CEO & President, 2024
On filings since 2020
40 hrs/week
$158K (2020) → $251K (2024)
Crystal Rohde
Chair
Director → Chair, 2023
On filings since 2021
1 hr/week
No compensation reported
Carla Tichy
Director of Accounting & Compliance
Chief Financial Officer → Director of Accounting & Compliance, 2021
On filings since 2020
40 hrs/week
$100K (2020) → $110K (2024)
Michael Lattery
Director of Business Finance
Director of Business Financing → Director of Business Finance, 2021
On filings since 2020
40 hrs/week
$122K (2020) → $156K (2024)
Robert Sjostrand Jr.
Director of Business Services
New on the 2024 filing
40 hrs/week
$108K (2024)
David Manion
Director
Director → Chair, 2021
Chair → Director, 2023
On filings since 2020
1 hr/week
No compensation reported
Diane Weber
Director
On filings since 2020
1 hr/week
No compensation reported
Dustin Goslin
Director
On filings since 2020
1 hr/week
No compensation reported
Elizabeth Chapman
Director
On filings since 2020
1 hr/week
No compensation reported
Megan Erickson Kellin
Director
On filings since 2020
1 hr/week
No compensation reported
Julie Padilla
Director
On filings since 2023
1 hr/week
No compensation reported
Jake Robinson
Director
New on the 2024 filing
1 hr/week
No compensation reported
Zachary Hoy
Credit Manager
On filings since 2022
40 hrs/week
$103K (2022) → $115K (2024)
Kurt Thompson
COO
Chief Operating Officer → COO, 2024
On filings since 2023
40 hrs/week
$108K (2023) → $154K (2024)
Arik Forsman
Vice Chair
Director → Vice Chair, 2023
On filings since 2021
1 hr/week
No compensation reported
Jim Zastrow
Treasurer
New on the 2024 filing
2.5 hrs/week
No compensation reported
Tabitha Beiber
Treasurer
New on the 2024 filing
1 hr/week
No compensation reported
Former officers (9)
- Former: Andy Donahue (2020–2023) — Vice Chair
- Former: Michael Holden (2020–2023) — Director
- Former: Tabatha Beier (2021–2023) — Secretary & Treasurer
- Former: Robin Rosenbaum (2020–2022) — Secretary & Treasurer
- Former: Chris Deadrick (2020–2021) — Vice Chair
- Former: Chris Fulton (2020–2021) — Chair
- Former: Don Negley (2020–2021) — Director
- Former: John Foucault (2020–2021) — Director
- Former: Jack Ryan (2020) — Director
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $251K, to Shawn Wellnitz (CEO/President). 6 officers or directors reported compensation on that filing.
Frequently asked questions about Northeast Entrepreneur Fund Inc
How much does Northeast Entrepreneur Fund Inc give each year?
Northeast Entrepreneur Fund Inc gave $491K across 52 grants in 2024, according to its 2024 IRS Form 990. In 2023 it gave $486K across 34 grants.
What is Northeast Entrepreneur Fund Inc's typical grant size?
Northeast Entrepreneur Fund Inc's median grant in 2024 was $10,000, and its average grant was $9,437, across 52 grants on its 2024 IRS Form 990. Organizations receiving their first grant from Northeast Entrepreneur Fund Inc that year got $9K on average.
Where does Northeast Entrepreneur Fund Inc give grants?
Northeast Entrepreneur Fund Inc gives mostly in Wisconsin: 78% of the grant dollars itemized on its 2024 IRS Form 990 went to recipients there. The next largest states were Florida (7%) and Minnesota (7%). The most frequent recipient cities were Superior, WI (7 grants), Ashland, WI (6 grants), Rhinelander, WI (4 grants) and Solon Springs, WI (3 grants).
Does Northeast Entrepreneur Fund Inc give general operating support?
Not in 2024: none of the 52 grants with a stated purpose on Northeast Entrepreneur Fund Inc's 2024 IRS Form 990 were described as general or operating support. Recurring purposes include "Investment Grant" (52 grants).
Who are Northeast Entrepreneur Fund Inc's largest grantees?
Northeast Entrepreneur Fund Inc's largest 2024 grantees include Cashmere Hair N Beauty Spa ($14,000), Lakewoods Transportation LLC ($14,000) and Taqueria La Monarca LLC ($14,000), according to its 2024 IRS Form 990. Together they received 9% of its itemized 2024 grant dollars.
How large is Northeast Entrepreneur Fund Inc?
Northeast Entrepreneur Fund Inc reported $83.4M in total assets on its 2024 IRS Form 990. Its revenue that year was $20.6M.
What does Northeast Entrepreneur Fund Inc fund?
The organization’s mission is to advance community economic development in rural and underserved communities by partnering with entrepreneurs to stimulate successful business growth. Its vision is vibrant communities and a diverse regional economy created and sustained by entrepreneurs. See mission & focus areas ↑
How do I apply for a grant from Northeast Entrepreneur Fund Inc?
Northeast Entrepreneur Fund Inc has no public application process in the sources Grantable reviewed. Contact the foundation directly before submitting a request.
What is Northeast Entrepreneur Fund Inc's EIN?
Northeast Entrepreneur Fund Inc's EIN (Employer Identification Number) is 36-3566632. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(4)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2022 (received by the IRS November 7, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS September 30, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS October 2, 2025)
- IRS filings on file for fiscal years 2020–2024
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