Dubuque Times

Dubuque businesses that are waiting for COVID-19 financial assistance from the state or federal governments now have a third option.

Dubuque Initiatives has partnered with the East Central Intergovernmental Association and the COVID-19 Business Helpline to create the Dubuque Initiatives Emergency Bridge Loan Program, according to Iowa's News Now.

The COVID-19 Business Helpline is a joint partnership between the "Northeast Iowa Community College, Greater Dubuque Development Corporation, The Small Business Development Center, and the East Central Iowa Intergovernmental Association," according to Iowa's News Now.

This program will loan up to $10,000 in immediate aid to a business that is still waiting to receive loan funding from the state or federal government, according to Iowa's News Now.

The loan is meant to bridge the gap and assist a financially-strapped business with a no-interest, no-fee loan for 60 days.  

If a loan from the state or federal government is rejected, the program will convert their assistance loan to a "three-year ultra-low-interest loan, according to Iowa's News Now.  

To be eligible for this loan, your business must have two employees or more and have a physical storefront in Dubuque, according to Iowa's News Now.

The self-employed, non profits, independent contractors, franchises, and chains, do not qualify for this program, according to Iowa's News Now.  

Call the COVID-19 Business Hotline Monday through Friday between 8:30 a.m. and 4:30 p.m. at (563) 588-3350 or email sbhelpline@nicc.edu for assistance.