Loans to help small businesses through pandemic offered in Dubuque

DUBUQUE, Iowa (KWWL) — Many space companies are nonetheless reeling from the consequences of the pandemic — small enterprise house owners in Dubuque are getting a leg-up from a neighborhood nonprofit.

By means of a partnership with Dubuque Initiatives, the East Central Intergovernmental Affiliation (ECIA) and the COVID-19 Enterprise Helpline the Dubuque Initiatives Mortgage Program is being relaunched, after it first rolled out in the beginning of the pandemic.

“This system will authorize using $500,000 of Dubuque Initiatives’ funds to supply loans to small companies current within the Metropolis of Dubuque. Accomplished purposes will likely be processed inside 48 hours, offering our native employers vital funding to climate the storm,” in line with a press launch.

LOCAL BUSINESSES STRAINED

“There’s numerous small companies on the market which are nonetheless struggling, very mightily,” Kevin Lynch, president at Dubuque Initiatives, mentioned.

That is a pressure Sue Davis at River Lights Bookstore in Dubuque began feeling as quickly because the disaster started.

“Once we first realized what was occurring and the state closed issues down, we have been in a position to pivot to a web based presence,” Davis mentioned.

Loyal prospects started asking the shop to ship their books as an alternative.

“These orders take much more time and work than simply ready on somebody on the counter, and so we wanted the additional assets,” Davis mentioned.

The shop began making use of for federal support.

“Ready for that was the hardship. I used to be in a position to get this Dubuque Initiatives mortgage in a matter of days,” Davis mentioned.

“We’re seeing a lightweight on the finish of the tunnel, I feel, with the vaccine. There’s nonetheless numerous companies I feel which are nonetheless going to be in want of some assist simply to get them throughout that end line,” Lynch mentioned.

After her expertise final spring, Davis recommends native companies take benefit.

“I will not have to borrow once more as a result of we weathered the storm,” Davis mentioned.

PROGRAM INFO

(from Dubuque Initiatives, https://dubuqueinitiatives.com/)

What’s being provided?

Loans of $10,000 repaid over a three-year interval at 1% curiosity. No curiosity or charges could be charged to the applicant for the primary 6 months after disbursement.

Applicant Necessities:

• Make use of 1-50 staff (Sole proprietors are eligible)
• Have a bodily location or storefront inside the Metropolis of Dubuque
• Companies that beforehand acquired a mortgage by means of this program and non-profits are eligible to use. This system is open now.

To use: Name the COVID-19 Enterprise Helpline at (563) 588-3350 between 8:30 a.m. – four p.m., Monday by means of Friday, or e mail at sbhelpline@nicc.edu.

Helpline specialists will evaluate out there native, state and federal help packages, together with the Dubuque Initiatives Mortgage Program, and what info candidates might want to have ready. As soon as utility is full, processing and disbursement of funds is predicted to happen inside 48 hours.

The COVID-19 Enterprise Helpline is made attainable by means of a joint partnership established between Northeast Iowa Group School, Larger Dubuque Improvement Company, the Small Enterprise Improvement Heart, and the East Central Iowa Intergovernmental Affiliation. Any enterprise proprietor can contact the Helpline to ask questions associated to the COVID-19 pandemic relating to federal, state and native funding, unemployment insurance coverage, and compliance with new laws and greatest practices.

Dubuque Initiatives is a sustainable, non-profit group, working as a group accomplice and catalyst, to undertake difficult initiatives involving job creation and/or group revitalization that helps a viable, livable, and equitable group.  For extra info, go to https://dubuqueinitiatives.com/

— to kwwl.com

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