J. Benson Construction
Acquired in 2020 by its current owner, J. Benson Construction is transitioning from a construction company focused on repairing and rebuilding single and multi-family housing in response to insurance claims to a large-scale general contractor with a mission of promoting change in racial, social, and economic inequities by employing people from underserved communities in the construction trades.
Projects of note include remodeling the first Black-owned bank in Minnesota in April 2022 and joining the Construction Connection to Community team to repair the damage caused by the civil unrest in Minneapolis and St. Paul during the summer of 2020.
Venn’s PRI will provide the J. Benson Construction with concessionary working capital to support its growth, thereby furthering economic development and job growth in the Elliot Park neighborhood of Minneapolis.
Recipient Name: J. Benson Construction
Corporate Form: Minnesota Business Corporation
Entrepreneurs: Paul Edlund, CEO
Amount Raised: $681,131
Overview of Investment Terms:
6-Year Unsecured Loan
Accrues Simple Interest at 3% Annually
Payment Terms
Year 1: Annual, interest-only payment
Year 2: Annual, interest plus 10% principal
Year 3: Annual, interest plus 15% principal
Years 4-6: Annual, interest plus 25% principal