This season, the New Impact Fund is deeply grateful for the business owners, advisors, and partners who make this work real. Together—with Cohort and Supporting Members, community investors, and foundations—we’re backing Black, Indigenous, Latino/a, and Asian entrepreneurs who are growing companies, creating quality jobs, and shifting who holds power in our local economy.
How the New Impact Fund and Our Partners Are Rewriting What’s Possible for Minnesota’s Economy
This season, the New Impact Fund is deeply grateful for the business owners, advisors, and partners who make this work real. Together—with Cohort and Supporting Members, community investors, and foundations—we’re backing Black, Indigenous, Latino/a, and Asian entrepreneurs who are growing companies, creating quality jobs, and shifting who holds power in our local economy.
These stories reflect more than impact metrics—they show what happens when capital is courageous, relationships are reciprocal, and opportunity is intentionally shared.
The Year of Growth
J. Benson Achieves Job Creation Milestone
Paul Edlund, CEO of J. Benson Construction, achieved a major milestone after receiving investment from Cohort 4 of the New Impact Fund in 2024. With concessionary, flexible capital and strategic guidance from his Cohort 4 advisor, the company exceeded job-creation goals months ahead of schedule—expanding from 15 to 59 employees by year’s end. This growth opened doors to larger projects, new contracts, and greater economic opportunity for his team.
Looking ahead to 2026, Paul plans to build on this momentum—adding another 15–20 jobs and reaching $5 million in annual revenue. The Cohort 4 partnership didn’t just help stabilize J. Benson Construction; it fueled shared prosperity for the employees, families, and communities that make the company thrive.
A Partnership for Shared Prosperity and Racial Equity
The New Impact Fund recognizes Old National Bankas a valued community partner in advancing shared prosperity and racial equity through investment in Black, Indigenous, Latino/a, and Asian-led enterprises across the Twin Cities. The bank’s engagement reflects a sustained commitment to relationship-based, community-grounded impact.
Two leaders from Old National joined Cohort 4, engaging directly with business owners and fellow leaders to collaborate on driving equitable economic growth. Among them was Julie McDonough, Minnesota Market President and Private Wealth Management Executive—a connector and respected leader across the region. Julie also serves on the Board of Children’s Minnesota and was named one of Finance & Commerce’s Top Women in Finance.
Through the Cohort experience, Julie and her colleague Brooks Royal, Senior Portfolio Manager, became part of a trusted peer circle of executives, investors, and community builders partnering with entrepreneurs to scale locally owned businesses. Their involvement underscores Old National Bank’s steady presence at the table—demonstrating how capital leadership and community purpose move forward together.
Leaders in Motion
Cohort 5’s Journey
Through conversations with notable leaders who framed key issues and through case studies that brought those insights to life, Cohort 5 learned about capital access, integrated capital, and how to deploy their own capital — in all its forms — to drive impact.
Now, as their journey as a cohort chapter comes to a close, this community of peers and leaders is mobilizing to provide what money alone cannot: social capital. They’re opening doors—sharing the power of their networks, making introductions, and offering trusted advising to help entrepreneurs navigate markets, strengthen their businesses, and grow. In doing so, they join a growing alumni community of individuals like themselves—leaders committed to putting their capital, influence, and relationships to work to open doors for others.
At its core, this work is about relationships—people willing to show up, take risks together, and stand behind entrepreneurs as they grow and scale.
Lead with Intention. Invest with Purpose
Collaborate, grow, and create meaningful impact together
Join Cohort 6 — a circle of accomplished philanthropic investors who are aligning their capital with their convictions. Cohort 6 brings together a connected community that integrates purpose, capital, and collaboration to strengthen local economies.
Members advance this work by investing both financial and social capital to help Black, Indigenous, Latino/a, and Asian entrepreneurs grow, create jobs, and build generational wealth.
Prefer a lighter touch? Supporting Members can still make a meaningful contribution by investing capital and staying connected through impact updates—without participating in the full cohort experience.
This is more than philanthropy. It’s about putting intention to work—growing enterprises and expanding opportunities for generations to come. If you want to get involved and learn more–let's talk!
#ShopSmall on November 30th
Support NIF-Funded Businesses on Small Business Saturday
This holiday season, celebrate Small Business Saturday on November 30 by shopping with businesses funded by the New Impact Fund:
Tasha Harris, Co-CEO of Kobi Co. blends scent, sound, and self-care through luxury candles and music.
Tameka Jones, Founder of Lip Esteem creates plant-based, cruelty-free lipsticks that uplift self-esteem in every product.
Kristina Kenan, C0-Owner of Revel and Flourish offers full-service event planning to make every occasion memorable.
Nubiah Taylor, Founder of Taylor’d Cosmetology provides beauty and wellness treatments while training students to turn their passions into careers.
Community Partner Spotlight
Ramsey County Building a Robust Pipeline for Local Entrepreneurs
The New Impact Fund collaborates with partners across the Twin Cities to strengthen the region’s small business ecosystem. One key partner, Ramsey County, identifies and refers businesses at the right inflection point of growth and ready to scale. Through executive training, individualized coaching, and technical assistance, Ramsey County builds a strong pipeline of entrepreneurs who can deploy capital effectively and grow with confidence.
The New Impact Fund (NIF) fosters a powerful community of high-net-worth individuals and Black, Indigenous, Latino/a, and Asian entrepreneurs across the Twin Cities to build a more equitable local economy. We combine transformative capital, strategic networks, and trusted advising to help businesses scale, create quality jobs, and grow community wealth. Join us in opening doors and investing where opportunity multiplies.
DISCLAIMER
These resources are provided for educational and information purposes only. Inclusion of any investment opportunities does not suggest an endorsement. You should perform your own research before you make any investment decision.
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