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Duluth 1200 Fund Advance West Loan Program

West DuluthA 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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