Entrepreneur Fund Welcomes New Chief Lending Officer and Chief Financial Officer

The Entrepreneur Fund is excited to welcome two new business leaders to its executive team: Jeff Borling, Chief Lending Officer, and Whitney Sundquist, Chief Financial Officer.

These newly established roles are critical in strengthening our organization's structure for the future. By intentionally shaping a leadership team that reflects where the Entrepreneur Fund (EFund) is headed, we are building a more sustainable foundation, one that allows us to deepen our impact and expand our services to entrepreneurs across the region.

“Jeff’s deep economic development experience and strong regional relationships, paired with Whitney’s collaborative, people‑centered approach and clear financial leadership, make them outstanding additions to our team,” said Shawn Wellnitz, Entrepreneur Fund President and CEO. “Their passion for our mission, and for strengthening rural communities, will play a vital role in advancing us into our next phase.”

Jeff Borling, Chief Lending Officer

As Chief Lending Officer, Jeff Borling will guide the future of EFund's lending strategy, overseeing business development, mission alignment, lending partner relationships, and sustainable growth across the organization. His leadership will help ensure that every dollar borrowed strengthens local businesses and drives long-term regional vitality.

“I’m looking forward to working more closely with our lending partners and economic development organizations to support small business growth in the region we serve,” Borling said. “I am excited to join this high-performing team in strengthening these relationships and driving new and expanded impacts in central and northeast Minnesota, and northern Wisconsin.”  

Borling joins EFund with more than two decades of economic development experience, most recently serving 10 years with Great River Energy as Economic Development Lead. There, he partnered with rural electric cooperatives to drive business attraction and expansion, manage loan funds, develop policy, and build local capacity. His work helped secure gap financing for 39 business expansion projects, leveraging more than $87 million in total investment.

Borling has also been a long‑time collaborator with the Entrepreneur Fund, working alongside our team to coordinate loans, engaging in Non‑Traditional Lending Forums, and advocating for Great River Energy’s $1 million loan capital investment into EFund.

“Having worked alongside EFund for 20 years, I understand the importance of our mission and the depth of our impact in supporting the entrepreneurs and small businesses who make up the backbone of our regional economy,” Borling added. “I look forward to building on EFund’s foundation of success to better support and empower the business owners who depend on us, because our communities depend on them.”

A native of Stoughton, Wisconsin, Borling holds degrees from the University of Wisconsin‑Stevens Point (BA) and the University of Minnesota Duluth (MA). He is a Certified Economic Developer, a Blandin Leadership Program graduate, and a past board member volunteering with organizations including AMFA, the Iron Range Economic Alliance, St. Luke’s, the Grand Rapids Chamber of Commerce, and Northland Foundation’s Loan Advisory Committee.

Whitney Sundquist, Chief Financial Officer

As Chief Financial Officer, Whitney Sundquist oversees EFund’s financial strategy and performance, ensuring the organization remains strong, resilient and positioned to expand its mission impact for years to come.

Sundquist brings more than 15 years of progressive financial leadership experience, most recently at Aspirus St. Luke’s Hospital, serving as Director of Finance and Accounting. In this role, she oversaw accounting operations and led the Decision Support Group, responsible for financial performance management and strategic decision‑making. She also played a key role in capital planning and stakeholder communications for major expansion projects.

Beyond her financial expertise, Sundquist brings strong mission alignment. A native of small‑town North Dakota, she understands the importance of vibrant rural economies. She and her husband even dove into entrepreneurship during the pandemic by launching a mobile sauna business.  

“For me, EFund’s mission feels personal. A rural community shaped who I am, and I’m proud to bring my experience and values to an organization committed to helping them thrive,” Sundquist said. “I’m excited to help steward the resources that make that work possible.”

Sundquist is a graduate of the University of Minnesota Moorhead and a licensed CPA in Minnesota. She is also committed to community engagement through her service on the Visit Duluth Board of Directors.

Borling and Sundquist join Wellnitz (CEO), Kurt Thompson, Chief Operating Officer, and Beth Probst, Director of Development on EFund’s leadership team.

Let’s Work Together to Support Small Businesses Across Our Region

If you’re interested in partnering with the Entrepreneur Fund to strengthen small businesses and rural communities across our region, we’d love to connect. Reach out to explore lending collaborations, investment opportunities, or other ways we can work together to support entrepreneurs.  

Sign up for our newsletter or contact us at info@efund.org.

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