A Dubuque nonprofit has opted to resume a loan program for small businesses impacted by the COVID-19 pandemic.
In mid-April, job creation and community revitalization nonprofit Dubuque Initiatives announced a $2 million program to offer $10,000 loans to small businesses which could show that they were negatively impacted by the pandemic.
Originally, these could be bridge loans, just to hold businesses over until federal aid came in. Then, though, rather than paying it right back, the businesses had the option to extend those loans to three years — at no interest for the first six months, then with 1% interest thereafter.
On Saturday, the group announced that the program proved so popular and helpful that it will begin accepting applications for the loans again on Monday.