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.