A generous donation of $9 million from philanthropist billionaire MacKenzie Scott has been awarded to the Duluth-based Entrepreneur Fund (EFund). This unexpected gift aims to support small businesses and drive economic growth in underserved communities across Minnesota and Wisconsin.
Key Takeaways
- MacKenzie Scott donates $9 million to Duluth’s Entrepreneur Fund.
- The donation is unrestricted and was not applied for by EFund.
- EFund’s mission is to advance community economic development in rural and underserved areas.
- The fund has served 3,400 entrepreneurs and extended over $73.7 million in loans from 2021-23.
A Surprise Windfall
The Entrepreneur Fund (EFund) was taken by surprise when they received an unrestricted donation of $9 million from MacKenzie Scott and her organization, Yield Giving. This significant contribution was identified through Yield Giving’s “Quiet Research” process, which conducts in-depth, private research to pinpoint nonprofits with high potential for sustained positive impact.
Shawn Wellnitz, CEO of EFund, expressed his gratitude, stating, “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.”
Impact on the Community
The $9 million donation will enable EFund to continue its mission of advancing community economic development in rural and underserved communities. The organization actively partners with entrepreneurs to stimulate the growth of successful businesses. From 2021 to 2023, EFund has served 3,400 entrepreneurs and extended over $73.7 million in loans, providing critical relief, catalyzing growth, and fostering success across various stages of business.
Crystal Rohde, EFund Board Chair, emphasized the importance of partnerships in their work, saying, “We are grateful to everyone who shares our mission. 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.”
MacKenzie Scott’s Philanthropic Efforts
MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, has been a prominent figure in philanthropy. To date, she has donated more than $17.3 billion to over 2,300 nonprofits around the world. Her contributions have been instrumental in supporting various causes, including education, healthcare, and economic development.
The donation to EFund is part of Scott’s broader effort to make a meaningful impact on communities in need. Her approach to philanthropy, characterized by large, unrestricted donations, allows recipient organizations the flexibility to allocate funds where they are most needed.
Future Prospects
With this substantial donation, EFund is poised to make even greater strides in supporting small businesses and driving economic growth in underserved areas. The organization’s ongoing efforts will continue to focus on providing resources, mentorship, and financial support to entrepreneurs, ensuring that they have the tools they need to succeed.
In conclusion, the $9 million gift from MacKenzie Scott is not just a financial boost for EFund but a significant endorsement of their mission and impact. It underscores the importance of supporting small businesses and fostering economic development in communities that need it the most.
