The City of Duluth Announces a New Financing Program for Businesses
New Financing Program for Small Businesses
The City of Duluth and the Duluth 1200 Fund Board are offering a new loan program.
The goal is to help revitalize commercial buildings and create jobs in the Lincoln Park, West Duluth and Spirit Valley business districts.
Business owners can apply for loans of up to $50,000. They will then have the opportunity to have up to half of the loan balance forgiven, if they meet program requirements.
Betty George, the 1200 Fund Committee Chair, said “The new pilot program enables broader participation that will help grow and stabilize two major districts.”
The Pilot Program is available only for commercial buildings in the 55806 and 55807 zip codes and these buildings must be occupied by a small business to create more jobs.
Mayor Emily Larson said, “We need strong neighborhoods and strong businesses in these neighborhoods. We have seen an enormous amount happening in Lincoln Park.
City leaders hope this new plan will encourage local economic growth.
If you are interested in learning more about this program, you can contact the City Business Development Office.