Howard Hedstrom
Cook County businesses facing financial difficulties due to the effects of COVID 19 now have another option to turn to for financial aid.
Thanks to the work by the Cook County Grand Marais EDA in partnership with the Taconite Area Community Relief Grant Program from the Department of Iron Range Resources and Rehabilitation (IRRR), businesses located within Cook County are eligible to apply for 2 percent interest loans of up to $35,000 for use as working capital or any legal purposes.
“ There is no business in Cook County that hasn’t felt the effects of the Coronavirus,” said Howard Hedstrom, EDA president. “As we head into the our slower winter season, we are excited to be able to provide a source of working capital to help businesses survive.”
No repayment on the loans will be due for the first six months, followed by 60 payments of principal and interest. Eligible businesses must have been in operation for at least one year and operating on March 1, 2020. Applicants must intend to re-open if currently closed due to the pandemic.
“This is the third round of financing options the EDA has offered to the public, commented Mary Somnis, EDA Executive Director. We urge any business that needs assistance to contact Pat Campanaro, Small Business Development Center consultant, sooner, rather than later,” Somnis said. “We are here to help.”
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