ANNUAL REPORT 2018/2019 2 Inspiration

Elaine Wyatt & Autumn Way

Dear Friends and Supporters,

What inspires you? Is it seeing someone work their hardest to achieve a goal? Watching someone succeed despite all odds? As we reflect on this year at WomenVenture, it is clear we have so much to be inspired by. From our clients, who come to us with big ideas and even bigger dreams, to our volunteers and donors, who support our work to help those clients turn their dreams into reality.

Many of our clients succeed despite the odds against them. Nationally, women own 42% of all businesses. But when it comes to funding, they only receive 4% of bank capital, and 2% of venture capital funds. Talk about a challenge to overcome! At WomenVenture, we’re proud to help our clients overcome those funding challenges. We increased the number of loans given this year to woman-owned businesses and we continue to loan money to women who may not otherwise be able to access capital through traditional sources. These small business loans allow women to run and expand their businesses, without swallowing up their personal resources and savings.

Even more inspiration can be found when one looks to WomenVenture’s newly launched classes in 2019. In Accelerating Success, a 10-session class for women who have been in business for at least two years, we see women who are succeeding in business and continue to follow their dreams toward growth and expansion. In Family Child Care Business Essentials, a child care-specific business course, we are inspired daily by the women who want to tackle the child care crisis in our state firsthand, and make a living to support themselves and their families while doing it.

Like our entrepreneurs know, living an inspired life does not mean living an easy life. Doing what you love comes with risks and rewards. It is incredibly uplifting to watch the women who come through our classes build each other up and become a support system for one another, as they each work to achieve their individual dreams. WomenVenture provides the framework for navigating the entrepreneurial landscape, but it is the women who build community in our space who make our programs truly successful.

We invite you to celebrate in this shared success, and we sincerely thank each and every donor, volunteer, client, and staff member who has made a difference in our organization this year.

In gratitude,

Elaine Wyatt Autumn Way Chief Executive Officer Board Chair 3 Mission,

Loan Client Jen Bellefleur, Vision, New Gild Jewelers “WomenVenture believed in us and helped us with everything from setting up our QuickBooks to being our cheerleader when we were nervous or Impact. out of our depth with anything at all. WomenVenture gave us great counsel on everything from expenses coding to employment matters, and I don't know what we'd do without them.”

MISSION WomenVenture helps women attain economic self-sufficiency through the creation and growth of profitable and sustainable businesses.

VISION IMPACT To empower entrepreneurial women with the tools, capital and support to lead 1,162 businesses that create living Clients Served wage jobs.

183 Businesses (created/expanded) $764K 62% Distributed in Loan Capital Low Income to Small Businesses $5MM Facilitated Capital 882 39 49% 96% Jobs New Loan Women (created/retained) Clients of Color Women 4 Our Services

Our client’s success in creating businesses that are both profitable and sustainable starts with WomenVenture’s four pillars of success. They are:

1 Business Training Classes are structured to be accessible for all, regardless of business experience or income level. For emerging businesses, we offer Getting Ready, a 3-part series that will help you learn what it takes to start a small business and determine if it is right for you. For entrepreneurs who are ready to start business planning, we have Small Business Essentials, a 20-session course that covers the critical components of creating a business plan.

2 Access to Loan Capital As a U.S. Small Business Administration micro-lender and CDFI, we offer loans up to $50,000 to qualified new and existing business owners. Our model of lending is different from a bank, and clients with credit difficulties may still get a loan with us if they have good cashflow and projections. 3 Expert Advice Our loan clients and clients taking our training courses have a unique opportunity to receive business advice on a variety of topics from experts who volunteer their time to advise on a myriad of subjects.

4 Community of Support A strong intentional community of support is integral to the success of new and expanding business owners. We provide facilitated peer circles, business mentors, networking opportunities and help from expert advisors to all the women in our classes. When you become a WomenVenture client, you have our full support. 5 Innovation in Training Programs at WomenVenture

Child Care In 2017, WomenVenture launched its first child care specific MICHELLE KWAN, KEEFER COURT programming in an effort to combat the looming child care “I knew I needed to create a business plan when crisis in Minnesota. This year, we used the knowledge we I became the owner of Keefer Court. I found gained over the past two years to launch several new child WomenVenture through the SBA and it was the care business training initiatives with the goal of better perfect resource. The training classes were a preparing our clients for successful business ownership. great confidence booster.” In August 2019, a new one-session program called Exploring Child Care was launched as an entry point for women entrepreneurs interested in starting a child care business. This two-and-a-half hour course provides insight into the business of providing quality child care, including an overview of state licensing requirements and a summary of the financial realities of starting a child care business. After participating in Exploring Child Care, entrepreneurs can then decide if they want to continue to the newly launched Family Child Care Business Essentials training course. This 10-session course leverages a nationally known family child care business curriculum. WomenVenture has also launched a plan for entrepreneurs who want to start child care centers. Participants will move through the established Small Business Essentials curriculum, while receiving additional guidance and resources specific to the child care industry. Additional financial training is also provided. By gathering feedback from the community, existing providers, and our clients, innovation in the child care industry will continue at WomenVenture as we strive to support our entrepreneurs as effectively as possible.

Accelerating Success Accelerating Success, launched in June 2019, is a 10-session class for women who have been in business for at least two years, but have hit a plateau and are looking for a way to take their business to the next level. This course fills the space between our classes for start-ups (Small Business Essentials) and classes for much larger businesses (ScaleUp!). Course highlights include development of deeper financial business acumen, creation of a measurable and achievable growth plan, and participation in a BWC® Peer Circle upon course completion. 6 Volunteers

WomenVenture can help so many women entrepreneurs each year only due to the passion and commitment of our 160 business experts who volunteered 1,815 hours valued at $182,000 during the year to help our female founders become successful.

Chris Adams Carrie Frost Susan Kujava Cristen Purdy Cheryl Ahlquist Anderson Stefanie Galey Sarah LaChapelle Christopher Quinn Amanda Anderson Lisa Gentry Kelly Larmon Mary Rapaport James Babbitt Susanna Gibbons Juli Lassow Leeann Rasachak Jeanne Bailey Lindsay Ginter Jennifer Lee Angela Record Melinda Bak Timnah Gretencord Janice Linster Charlotte Rison Terri Banaszewski Sarah Grotha Danielle Lohbeck Destiney Rison Angela Benson Lynnette Haines Nancy Lucas Trisha Rogers Tracy Benson Courtney Hall Lydia Lui Robyn Saphir Lindsay Bickler Wendy Harden Theanna Lynn Hegge Mary Jo Schifsky Neelu Boddipalli Meghan Harris Stephanie Malon-Rufi Breia Schleuss Kelsey Bomgaars Carrie Hefte Crystal Manik Briana Schmidt Jandeen Boone Jody Hilgers Beth Markoe Tamara Schuette Renee Brasseur Andrea Hitzemann-Johnson Michelle Maryns Jenna Schwartzhoff Anne Brataas Christine Hobrough Dena Mayne Mariana Scott Susan Brauer Heidi Hoium Kelly McClellan Brett Simmons Dave Buechler Jennifer Holm Sonya McCullum Roberts Nelima Sitati Munene Colette Campbell Barb Huibregtse Nicole Melancon Rhonda Skoby Elizabeth Cardinale Tunisia Irby Bonnie Melville Laura Smude Terri Laura Isdahl Jeri Meola Linnea Solem Melissa Cathcart Mariann Jackson Chris Mezera Bill Stelle Bao Cha Bruce Jacobson Ericka Miller Michelle Strese Carole Clark Isakson Nancy Jambor Katie Millerhagen Leslye Suarez Kim Cloutier Nayana Jha Mirtha Montoya Lopez Kelsey Swokowski Michaelene Colestock Elma Johnson Andrea Murphy Carey Tinklenberg Kurt Cottier Lisa Johnson Susan Murphy Rosa Tock Tabatha Cronin Susan Johnson Leah Murtagh Megan Trice Kristina Cummings Natalie Jones April Nelson Alyson Van Dyk Julie Delago Heather Kaiser Aruna Nookala Tricia Varner Kristen Denzer Lindsey Kaufmann Amy North Jenny Verner Toni D'Eramo Julie Kline Mary North Kristine Voller Carrie Drephal Maggie Knoke Miluska Novota Barbara Voorhees Allison Eaton Lance Knuckles Julie Page Rebecca Wall Jamie Ebach Meghan Kober Lorraine Painter Lydia Sun Watarai Shelly Elmore Bonnie Kocian Carla Pavone Autumn Way Alexa Farah Lonny Kocina Carol Peterson Colette Weiser Nancy Flicek Suseela Kodali Kelly Peterson Gayle Woodbury Tracy Foley Jan Kolles Lara Peterson Barbara Zuleger Laura Fries Lisa Kramer Rodacker Shelley Peterson Jessica Froelke Michele Krolczyk Jill Plumb-Smith 7 Volunteers (Continued)

Carole Clark Isakson

Carole Clark Isakson became a WomenVenture volunteer in November 2017 when she began looking for a way to better women’s lives with her legal expertise. With over 30 years of experience in business sales and acquisition, Carole knew she could help women interested in buying existing businesses. Her top priority is protecting her clients, and she helps entrepreneurs understand all contracts, leases, and liabilities involved. Carole is currently a Shareholder and on the Board of Directors at Barna, Guzy & Steffen, Ltd.

Lorraine Painter

As a volunteer, Lorraine Painter has been an integral part to WomenVenture classes, which have helped women entrepreneurs reach their Carrie Hefte full potential. Over the past four years she has contributed to WomenVenture’s Since 2016 WomenVenture volunteer Small Business Essentials and Carrie Hefte has helped women Getting Ready classes, both entrepreneurs from all backgrounds by restructuring curriculum navigate trademark law. With over 30 as well as teaching the years of legal practice with Wells Fargo, material, harnessing her Carrie comes equipped with the right many years of experience tools to protect women from choosing in marketing at . risky business names. In one-on-one sessions, she uses trademark databases to advise women on names, logos, and taglines. She is currently recruiting additional women trademark attorneys to mentor WomenVenture clients regarding intellectual property rights. 8 Our Supporters

INDIVIDUAL DONORS

CIRCLE OF INFLUENCE Mary McVay Carrie Hefte Andrea Hitzemann- Jeri Meola Lisa Johnson Johnson Visionaries Aruna Nookala Kate Kelly Amie Hoffner $10,000 + Linda O’Connell Dan Koshiol Teresa Hudoba Jandeen Boone Patricia Parrish Pamela Krank Nayana Jha Linda Donaldson Carla Pavone Karen Leonard Kelliann Kary Rhoda Olsen Shelley Peterson Elda Macias Cindy Kent Colleen Willhite Susan Sands Romy McCarthy Souphak Kienitz Elizabeth Sarquis Laura Miller Gregg Klohn Catalysts Tamara Schuette Colleen Nagle Alesa Koppen $5,000–$9,999 Linnea Solem Cristen Purdy Ginny Kremer Bill and Penny George Carol B. Truesdell Tiffany Putland Laura Lonsdale Sonya McCullum Roberts Catherine Van der Schans Amy Spencer Julie Loughrey Judy Skoglund Alyson Van Dyk Diane Thibodeau Patricia McConnell Elaine Wyatt and Jenny Verner Anna Tsantir Joanne Mullen Jeff Von Feldt Rebecca Wall Elizabeth Ann Wiens April Nelson Autumn Way Sally Witham Ann Nerland Leaders Jill Woxland Cheryl Paullin $1,000–$4,999 Randi Yoder $250–$499 Eva Rasmussen Patricia Berg Kate Arends Cynthia Rogers Steven Collier INDIVIDUAL DONORS Stefani Barnes Debra Rosenberg Lisa Crump Jared Bickler Rhonda Skoby Sara Darling Supporters Stacy Bjornstad Sally Smith Joyce Dering $500–$999 Susan Cevette Dana Southard Debra Frimerman Amy Aadalen Arthur Chapman Amanda Storm-Schuster Carol Goode Bonnie Alton Lisa Christianson Aly Syme Joe Green David Anderson Cheryl Colestock Dee Thibodeau Meghan Harris Anonymous Edward Dayton Rosa Tock Martha Head Terri Banaszewski Barbara DiBlasi Leah Tomasetti Michael Henley Mary Bang Barb Diekmann Megan Tomlinson Christine Hobrough Ruth Basa Meredith Englund Cheryl Wheeler Carmel Jung Amy and Ford Bell Nancy Flicek Cathy Windschitl Susan Kinder Lindsay Bickler Nancy Fugina Gayle Woodbury Katharine Knudtson Catherine Connett Jean Godfrey Sara Yaeger Kelly Larmon Maryann D’Angelo Mark Goldman Terri Yontz Miller Joy Lindsay Kristen Denzer Lisa Hake Jane Zilch Danielle Lohbeck Bridget Essma Rochelle Hauser Karen and Scott Malmsten Heidi Gesell Mario Hernandez Crystal Manik Wendy Harden Melinda Hiepler 9

$100–$249 Christine Dalqluist Angela Holm Suzanne Mayer Trisha Adamson John Dayton Darla Holmgren Michelle McGovern Christine Albrecht Cara Deanes Brandelyn Hook Jane McGrew Mary Albright Kate Dehmer Allsion Howard-Berry Melody McKay Maria Amaya Margaret DeMuse Laurie Huotari Kati Medler Elena Ames Lisa Desotelle Peter Ingebrand Heather Meeker Sarah Anderson Tammera Diehm Joanne Isdahl Pamela Meixell Susan Anderson Leah Drury Juliane Janey Kristine Mier Robin Asleson Susan Egan Kathryn L. Jensen Adam Miller Emily Atmore Martha Engel Sara Jespersen Amber Miller Mercedes Austin Rene Engh Susan Johnson Clayton Mitchell Jeanne Bailey Martha Erickson Jan Rich Johnson Karen Mixon Cindy Banchy Hannah Fahey Jerilyn Johnson Jason Monnett Debra Barnes Alexa Farah Richard Jones Dana Montgomery Amanda Bartschenfeld Angela Feulner Natalie Jones Cornell Moore Nancy Beck Denise Finley Louise Jones Jie Di Mui Gail Becker Jamey Flannery Julie Joyce Cynthia Nash Lisa Beecroft Susan Fleege Bonnie Jungwirth Rosemarie Ndupuechi Tanja Begic Adina Florea Weseman Megan Junius Julie Nelson Jenifer Bellefleur Gloria Freeman Shahina Kaderbhai Jackie Nelson Cat Beltmann Sue Fried Jaimee Kangas Andrea Nelson Alice Berquist Teresa Fudenberg Mara Kaplan Rachel Neymark Susan Bies Jon and Christine Britta Kauppila Minh Nguyen Maria Bliley Galloway Nicole Keirnes Petra Noble Ellen Bosl Laurel Gamm Catherine Kelly Laurie Nordquist Robert Boucher Susanna Gibbons Julie Keyes Maggie O’Gara Laura Boyd Mary Lynn Gillin Barbara Kiedrowski Nancy O’Brien Amy Brenengen Claire Givens Nancy Kluver Anna Odegaard Jennifer Brinkerhoff Jose Gonzalez Shannon Knoepke Felicia Ortega Carol Broback Cynthia Goplen Diane Koch Michelle Page Heidi Brophy Alicia Gordon Macalus Lisa Kramer Rodacker Letta Page Sheila Brown Katherine Gowans Michele Krolczyk Kara Paymar Dave Bruni Erin Gray Michaeleen Kruger Kristen Perry Desirae Butler Anne Marie Grewal Beth LaBreche Deanna Petersen Susan Byers Elle Grothaus Kenneth LaChance Marlen Phipps Kathleen Campbell Barbara Gullickson Sue LaGue Kathy Porteous Colette Campbell Catherine Gump Tracy Lee Shannon Powell Elizabeth Cardinale Laura Gust Pam Lehan Judy Praska Melodie Carlson Jocelyn Gutzman Heather Leiferman Kathy Pyle Michelle Carter Michelle Halverson Karen Leiter Mary Quist Maelei Catt Colleen Hamilton Judy Lemke Kaye Rakow Karen Chesebrough Mia Hannah Renay Leone Debra Raspberry Carole Clark Isakson Janel Haugarth Nancy Libersky Melody Rehder Jennie Clarke Cassandra Headrick Allison Lis Marianne Remedios Janis Clay Lil Heiland Julie Loosbrock Karla Robertson Michaelene Colestock Kim Heim Ann Lorang Carolyn Roby Marianna Como Marlena Hemenway Jennifer Lowe Katie Roers Kelsey Conrad Amy Hilgers Alicia Luther Krizia Rogers Diane Cook Jody Hilgers Cathy Lydon Joyce Rogers Rebecca Cooper Lori Hoefener Shawn Lyon Amanda Rolfe Heather Cordes Amy Hoffman Nicole Malinis Heather Rondorf Yolanda Cotterall Dana Hofmann Bridget Manahan Sherri Roseen Hayley Crabb Nancy Hoglund Anneliese Mayer Wenda Roycraft 10

Jennifer Ryan $10–$99 Ashley Feucht Christina Koppang Vicki Ryan Ingrid Albert Briget Fields Becca Kronlund Heidi Samuels Ashley Anderson Laura Fries Pam Kurtz Elizabeth Sanberg KT Anderson Amy Fruth Caitlin Lam Nataly Sanchez Joanne Anderson Darcy Futrell Molly Larsen Breia Schleuss Brigitte Anderson Bobbi Gahlon Cari Larson Mary Schneider Stacy Arnold Julia Gauthier Ann Latendresse Merri Schreiber Natalia Ayala Gaurab Ghosh Bridget Lawrow Alexandria Schumacher Jeanne Bartlett Dianne Gibbs Annie Lebedoff Christina Schumann Kellie Bauer Jennifer Gilhoi Mary Lewis Jenna Schwartzhoff Tanya Baur Mary Gillin Amanda Linehan Christopher Scotti Debra Becker Renata Gilmore Lindsey Lingl Jonica Shoger Dara Beevas Valory Gilpin Rich Littlehale Angela Sieber Steph Behm Carrie Gregor Nevada Littlewolf Karen Slakey John Bennett Kimberly Grey Karen Lonergan Lana Slygh Ginnee Berg Christopher Guarnera Michelle Mack Debra Smith Kristi Betts Carmen Gutierrez-Bolger Deborah Malmberg Smith Laura Smude Amanda Bialon Courtney Hall Stephanie Manternach Paula Soholt Kathy Bjerke Katrina Hawley Denise Marsolek Diana Solomon Leslie Bonshire Helena Haynes-Carter Veronica Mason Susan Sorenson Susan Brauer Danielle Hedlof Erin Mathern Debra Staiger Jennifer Broden Heather Hemphill Lisa Matre Liz Star Christie Brooks Ray Henningson Ursala McNeal Jevetta Steele Nicole Brown Andrea Hickle Kelly McQueen Mary Stoick Stacey Buchanan Rebecca Hoeft Yvonne Mercer Kathy Sullivan Samantha Bucholz- JoAn Hoffmann Chris Mezera Charlene Sundermann Anderson Jennifer Hogan Emily Michels Pamela Svenby Terri Buhrer Shannon Hoheisel Susan Miller Daniel Terlouw Jason Burak Chelsea Horton Amy Miller Jacquelyn Thomas Katy Burke Scott Huebscher Marissa Mittet Jill Thompson Audrey Burnett Ellie Hughes Joanne Mohrman Meg Thoreson Valbona Bushi Rachel Hughey Lisa Moncrief Amy Tischler Ellie Byers Sonia Illurnane Katie Monger JoAnn Toth Jennifer Campbell Mariann Jackson Hayley Monnens Treeng Van Terri Carlson Henry Jimenez Carrie Moore Cathy Van Hoven Amy Carm Helaich Laura Johnson Tammy Mortezaee Bonnie Vogel Beth Caron Carmen Johnson Sue Moses Kristine Voller Peggy Christensen Beth Johnson Margie Mumbleau Kathleen Watts Jennie Claver Alyssa Johnson Andrea Murphy Beth Weir Angie Dahle Rebecca Johnson Mary Murray Kari Wendell Catherine Day Melissa Johnston Jean Nelson Ronda Wescott Dawn de los Santos Rita Juul Liza Ness Betsey Whitbeck Janice DeGaetano Phyllis Kahn Julie Novak Lexy Wikenheiser Oie Dobier Kim Kane Janae Olinger Barbara Williams Bridget Dockter Jeanne Kassim Maureen Olstad Laurie Womack Lori Elsen Lindsey Kaufmann Trica Otto Tammy Wright Jessica English Mike Kinderman Lorraine Painter Susan Wyatt Dana Engrav-Reid Martha Elizabeth Kirwan Patty Pannkuk Ana Paula Zamorano Erika Erlandson Sonja Kloiber Stephanie Pastir Lisa Zellmer Laura Euller Lance Knuckles Jill Pavlak Karen Ziegler Brenna Everson Jeanne Kohlhaas Patricia Peters Darin Zielsdorf Mitch Fantin Tammy Koop Carol Peterson Rachelle Fenske Andrea Kopischke Hilary Pick 11

Sarah Pike Amy Wakem F.R. Bigelow Foundation Dual Citizen Brewing Lauren Pleau Mary Warner Gesner-Johnson Family Company Alisha Podobinski Claudia Waterloo Foundation FastBreak Foundation Amy Quale Tornquist Hugh J. Andersen Fidelity Bank Andrew Quinn Lorelei Whitney Foundation Highland Bank Heather Rachel Emie Wilhelm The Saint Paul Foundation KapStone Container Alyssa Radisewitz Shanequa Williams U.S. Bank Foundation Corporation Ronell Raney Brianna Williamson KleinBank Brenda Raney Suzie Wilmot Silver New Gild Jewelers Allison Reese Andrea Winters $10,000–$19,999 Oak Grove Foundation Mary Reynhout Maddi Wittenberg Associated Bank Old National Bank Killian Rieder Samantha Wolf Bremer Bank Steiner Family Fund Alisa Rogers Christine Young Choice Bank Sunrise Banks Jane Rose Jamie Ziemann COUNTRY Financial Tennant Foundation Tudie Ross Dorsey & Whitney LLP The L.E.A.D. Project Kateri Ruiz and Foundation Financial Linda Saggau Kinder Vealitzek Fund United HealthCare Nick Sandstrom FUNDING Richard M. Schulze Family Services, Inc.

Shelley Santrach PARTNERS Foundation Kate Schaeffer Terrance and Bette Noble Leaders Julie Schilz Foundation $1,000–$2,499 Titanium Julie Schoenecker Twin Cities Metro CDC Association of Women $100,000+ Adam Schwartz Verner Family Charitable Contractors Community Development Karen Schweigert Fund Ballard Spahr LLP Financial Institutions Jennifer Scobie Walser Foundation BankCherokee Fund Cathy Sedacca WCA Foundation Associates of the James Minnesota Department of Justine Seidel and Xcel Ford Bell Library Employment and Amy Sellheim Energy Foundation Bell Bank Economic Development Jennifer Severson Rodney & Barbara Burwell U.S. Small Business Lauren Sigfred Bronze Family Foundation Administration Mary Jo Simbeck $5,000–$9,999 Bolger Vision Beyond W.K. Kellogg Foundation Lynn Slavik Print Wells Fargo Foundation, Jon Slock Blegen Family Charitable Catherine and Paul Diverse Community Alicia Smith Gift Fund Stemper Foundation Capital Rachel Smoka-Richardson BMO Harris Bank CliftonLarsonAllen LLP Alex Spirov Boss Foundation Copeland Buhl & Co. Platinum Jodi Spoden The Jaye F. and Betty F. Crowe LLP $50,000–$99,999 Michelle Steen Dyer Foundation Douglas & Wendy Dayton Northwest Area Karen Stevens ECMC Foundation Foundation Foundation Lori Stevenson EY , Inc. Otto Bremer Trust Aimee Stolt Christy and John Mack Facebook The McKnight Foundation Michelle Strese Foundation Faegre Baker Daniels LLP The Minneapolis Dee Tabone Northeast Bank Froehling Anderson Foundation Tamara Tasche Securian Trust Company Greiner Construction Travelers Foundation Courtney Taylor Solem Risk Partners, LLC Jane and Jim Kaufman Wells Fargo Foundation Alexandra Tempelis Sunrise Banks Fund Minnesota Tina Tentis Krolczyk Family Fund Emily Thuesen Copper McGough Construction Gold Kelli Thurston Killion $2,500–$4,999 Co. Inc. $20,000–$49,000 Kristina Trepanier Jeri Meola & Judith Cargill Kathryn Troyer Brett and Melody McKay Osborne Donor Fund Deluxe Corporation Angel Uddin Charitable Giving Fund Merchant & Gould Foundation Nathan Uhl City National Bank Mickesh Family Fund 12

Amy and Chip Pearson $20–$99 Family Foundation AmazonSmile Foundation LOYALTY DONORS Pentair, Inc. BWBR Kay Phillips and Jill Delta Waterfowl A special thanks to the Wendy Harden Mortensen Fund Indeed Brewery following donors who have Martha Head Jim and Linda Robinson Indeed, Inc. been loyal contributors to Michael Henley Foundation Lakes & Legends Brewing WomenVenture’s mission Andrea Hitzemann- Ryan Family Donor Microsoft Matching Gifts for 10 years or more. Your Johnson Advised Fund Sisyphus Brewing ongoing support ensures that Christine Hobrough SDK LTD South Lyndale Liquors WomenVenture can provide Teresa Hudoba Uhrich Family Fund Tin Whiskers Brewing Co women entrepreneurs the Barbara Kiedrowski WBD Urban Growler resources they need to make Susan Kinder WCR Economy Data Utepils Brewing their dreams of profitable Joy Lindsay Foundation business ownership a reality. Denise Marsolek Western Bank Patricia McConnell Winthrop & Weinstine, P.A. Bonnie Alton Jeri Meola and Judith Wipfli LLP Martha Atwater Osborne Jeanne Bailey Laura Miller Supporters Terri Banaszewski Christine Morrison $100–$999 Debra Becker Linda O’Connell Allina Health System Cindy Bergum Patricia Parrish American Family Insurance Amy Brenengen Susan Sands Bluestem Heritage Group Cynthia Carlson Carol B. Truesdell CPI Twin Cities Karen Chesebrough Cathy Van Hoven Cy-Con, Inc. Catherine Connett Jenny Verner Drury Numrich Group LLC Lisa Crump Randi Yoder Stefanie Galey Giving Fund Linda Donaldson Izzy’s Ice Cream Carol Goode Phyllis & Donald Kahn Colleen Hamilton Foundation The Karuna Fund Land O’ Lakes Louise Gray LLC The Pat Matre & Miriam Goldfein Fund Medtronic Foundation Minnesota Council on Latino Affairs JENNY VERNER Morrissey Hospitality Companies “WomenVenture is about helping to unleash the entrepre- Navigate Forward neurial energy of talented women who have demonstrated Panache their capabilities and have the potential to create profitable Piper Jaffray & Co. businesses. Together, we can we help our communities PNC Foundation flourish. That’s why I give.” Portu Sunberg Marketing Salesforce.org Small Business Development Center Solo Vino Bottle Shop The Vintage Thomson Reuters Thrivent Choice UnitedHealth Group Wandering Spirits Staff & Board 13

Leadership Team Board of Directors Elaine Wyatt Chief Executive Officer Karen Malmsten Chief Financial Officer OFFICERS: Sarah Pike Women’s Business Center Director Autumn Way, Chair Jeff Andrews Director of Program Innovation SVP, Regional Bank President Amy Grimm Director of Operations and Client Services Wells Fargo Carrie Moore Director of Communications Lisa Zellmer Development Director Meghan Harris, Vice Chair SVP, Corporate Counsel Staff Bremer Financial Services, Inc. Zoila Guachichulca Training Specialist Blair Halperin Volunteer Manager Alyson Van Dyk, Secretary Joanne Isdahl Client Services Accountant Partner Becky Johnson Financial Manager Dorsey & Whitney LLP Nancy Johnson Childcare Co-op Project Manager Bonnie Jungwirth Board and Advancement Coordinator Rebecca Wall, Treasurer Sue Moses Senior Loan Officer VP Finance-Accounting Operations Jaylana Peters Loan Officer Travelers Kathy Pyle Business Consultant Danielle Renaud Senior Development Officer Jenny Verner, Chair Emeritus Mary Vang Client Services Specialist Retired, Cargill Samantha Wolf Communications Officer Jane Zilch ScaleUp! Program Coordinator

Board Members Lindsay Bickler Nayana Jha Rosemarie Ndupuechi LeeAnn Rasachak Senior Manager, Audit Senior VP, Private President VP, Product & Corporate Deloitte & Touche Client Advisor 3E Productions LLC Marketing Bank of America, RBC Wealth Management Kristen Denzer Private Bank Aruna Nookala President / CEO Global Portfolio Director, Sonya McCullum Roberts Tierra Encantada Macy Lee Abrasives Systems President – Salt Group Senior Advisor 3M Corporation Cargill Anna Dosen JB Vang Advisors SVP, Branch Banking Carla Pavone Lisa Kramer Rodacker Market Executive Danielle Lohbeck Associate Director, HR Director, M&A / Associated Bank Senior Manager, Holmes Center for Project Management International Tax Entrepreneurship Deluxe Corporation Shelly Elmore Services Carlson School of Publisher Ernst & Young Management, UMN Linnea Solem Twin Cities Business President Jeri Meola Shelley Peterson Solem Risk Partners, LLC Andrea Hitzemann- Independent Market VP, Business Banking Johnson Research Consultant BMO Harris Bank N.A. Rosa Tock SVP, Senior Portfolio EGL ACE Research Executive Director Manager Cristen Purdy MN Council on Latino US Bank Nelima Sitati Munene VP & Commercial Affairs Executive Director Loan Officer ACER Choice Bank Financials 14 JULY 2018–JUNE 2019

STATEMENT OF FINANCIAL POSITION 2 019 STATEMENT OF ACTIVITIES 2 019 Assets Revenues Cash 355,609 Contributions 1,186,345 Cash for lending 1,173,839 Government grants 497,698 Cash with donor restriction 766,328 Special events 242,980 Investments for lending 500,311 Program income 184,579 Accounts, pledges, and grants receivable 480,753 TOTAL REVENUE 2,111,602 Loans receivable 1,523,429 Expenses Prepaid expenses 29,534 Lending 681,704 Beneficial interest in assets held by others 23,165 Training 846,492 Property and equipment 56,411 Management & General 255,547 TOTAL ASSETS 4,909,379 Fundraising 249,987

Liabilities TOTAL EXPENSES 2,033,730 Notes payable 2,170,279 CHANGE IN NET ASSETS 77,872 Accounts payable and accrued expenses 207,441 Administered loan fund 413,081 PROGRAM INCOME Deferred revenue 100,277 9% TOTAL LIABILITIES 2,891,078 SPECIAL EVENTS Net Assets 11 % Without donor restriction 896,852

With donor restriction 1,121,449 REVENUES TOTAL NET ASSETS 2,018,301 GOVERNMENT GRANTS CONTRIBUTIONS TOTAL LIABILITIES & NET ASSETS 4,909,379 24% 56%

FUNDRAISING 12%

MANAGEMENT & GENERAL 13% EXPENSES

TRAINING 42% LENDING 33% WomenVenture.org