The Entrepreneur Fund has created an emergency loan program, with funding from the Duluth Financial Improvement Authority, to assist native small enterprise house owners who’re struggling by way of the pandemic.
Functions will likely be accepted by way of Friday at entrepreneurfund.org.
Qualifying companies should be primarily based in Duluth and have been adversely affected by COVID-19 precautionary measures issued inside Gov. Tim Walz’s emergency govt orders. The companies should even have used different sources of help — together with personal insurance coverage and federal and state sources.
The loans, which vary between $2,000 and $20,000, have a 0.5% rate of interest and no principal or curiosity funds will likely be required for the primary six months. Phrases can be found for as much as 5 years. There may be as much as 25% loan forgiveness if the enterprise returns to operations on the similar ranges for a yr inside the first two years.