Dubuque Initiatives Launches Bridge Loan Program to Help Dubuque
Businesses Impacted by COVID-19
While State and Federal relief funding has started to be disbursed, a local nonprofit is stepping
up to further assist local businesses impacted by COVID-19. Dubuque Initiatives is partnering
with the East Central Intergovernmental Association (ECIA) and the COVID-19 Business
Helpline to implement the Dubuque Initiatives Emergency Bridge Loan Program. The program
will authorize the use of $2 million of Dubuque Initiative funds to provide bridge financing
that employers can use until pending State and Federal financing support is made available
to them. Completed applications would be processed within 48 hours, providing our local
employers critical funding to weather the storm.
Loans would be a maximum of $10,000 and no interest or fees would be charged to the
applicant for 60 days. Upon receipt of State or Federal assistance, the applicant will repay the
loan back to Dubuque Initiatives. If a business applies but does not receive State or Federal
assistance, the bridge loan will be converted to a three-year, ultra-low-interest loan.
• Employ 2-50 employees
• Have a physical location or storefront within the City of Dubuque
• Are qualified for assistance through the Small Business Administration’s Paycheck
Protection Program (PPP) or Economic Injury Disaster Loan (EIDL); or had qualified for the
Iowa Economic Development Authority’s Iowa Small Business Relief Fund
• Ineligible applicants: Businesses that are sole proprietors, independent contractors, and other
self-employed individuals, non-profits, franchises, or chains.
The program will open for application on Tuesday, April 14th at 8:30 a.m. To apply:
• Call the COVID-19 Business Helpline at (563) 588-3350 between 8:30 a.m. – 4 p.m., Monday
through Friday, or email at email@example.com.
• Helpline experts will review available local, state and federal assistance programs,
including the Dubuque Initiatives Emergency Bridge Loan Program, and what information
applicants will need to have prepared:
• Applicants will need to provide one of the following:
• Copy of application to the Iowa Small Business Relief Fund;
• Copy of application to Small Business Administration for an Economic Injury
• Copy of application to the Small Business Administration for assistance from the
Payroll Protection Program.
• If prospective applicants for the DI Emergency Bridge Loan have not yet completed a
state or federal application, Helpline staff will advise them in those applications
• Once application is complete, processing and disbursement of funds is expected to take
place in 48 hours.
The COVID-19 Business Helpline is made possible through a joint partnership established
between Northeast Iowa Community College, Greater Dubuque Development Corporation
(GDDC), The Small Business Development Center (SBDC) and the East Central Iowa
Intergovernmental Association. Business owners, nonprofits and self-proprietors can work
with trained experts to navigate the application process for federal, state and local funding
available during the COVID-19 pandemic.
Dubuque Initiatives, Inc. is a sustainable, non-profit organization, working as a community
partner and catalyst, to undertake challenging projects involving job creation and/or
community revitalization that supports a viable, livable and equitable community