Businessman Eric Hovde has won the Republican nomination for Senate in Wisconsin, setting up a match-up with Sen. Tammy Baldwin (D-Wis.), Decision Desk HQ projects. 

Hovde defeated two minor candidates, farmer Charles Barman and Rejani Raveendran, the chair of College Republicans at the University of Wisconsin-Stevens Point, to win the primary. He will now face Baldwin in what will be a key Senate race that Democrats need to win to hold their narrow majority in the body. 

Hovde will have access to significant financial resources, having largely self-funded his campaign so far. He is a multimillionaire who made his money through a career in banking. He loaned his campaign $13 million of the $16.7 million total he has raised. 

Hovde previously ran for the Senate seat in 2012, losing narrowly in the Republican primary to former Gov. Tommy Thompson, who lost the general election to Baldwin. 

A few major Wisconsin Republicans ruled out running for the seat against a popular incumbent before the party coalesced around Hovde. Then-Rep. Mike Gallagher and Reps. Bryan Steil and Tom Tiffany all decided against seeking the seat before Hovde threw his hat in the ring. 

Hovde received endorsements from former President Trump, the Senate GOP’s campaign arm and Wisconsin Republicans including Tiffany, Steil and former Gov. Scott Walker.

But Hovde will have an uphill battle running against Baldwin, who is running for her third term. Baldwin has mostly led in polling and has a roughly 7-point lead in the average from The Hill/Decision Desk HQ.