A new loan program designed to spur the revitalization of older stock commercial buildings and create jobs in West Duluth and West End business districts is detailed in a brochure released by the city of Duluth and the Duluth 1200 Fund Board. The program is intended to help with commercial building acquisition or improvements in the form of a loan up to $50,000 with opportunity to have up to one half of the balance forgiven, assuming program requirements are met.
The maximum amount of the loans will range between $10,000 and $20,000 per job created, up to the $50,000 limit. The loans are only available for commercial buildings in the 55806 and 55807 zip codes. The buildings must be owner occupied (not leased) by a small business committed to creating two or more full-time equivalent jobs within two years. Further details are available in the brochure below.
The Duluth 1200 Fund Board of Directors are appointed by the mayor, but the fund is a separate nonprofit staffed by Duluth’s director of business and workforce development. The mission is to create permanent, private sector jobs, expand the tax base and increase economic productivity in Duluth.
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