City of Fargo considering micro-loan programFargo, ND (WDAY TV) _ If you're looking to start up your own business, Fargo might be your place. On Tuesday the city commission will vote on a micro-loan program designed to help entrepreneurs and existing business owners.
If you're looking to start up your own business, Fargo might be your place. On Tuesday the city commission will vote on a micro-loan program designed to help entrepreneurs and existing business owners.
Moonpies, Gobstoppers, Pez...You can find all your favorite childhood candies here at The Candy Bar.
Peggy Hanson – The Candy Bar Owner: "Lots of good memories for people."
The Candy Bar opened last October. Co-owner Peggy Hanson says this sweet store cost a pretty penny.
Peggy Hanson: "Pretty much that initial start-up cost, the rent of space, redecorating, painting."
A proposed micro-loan program would help future entrepreneurs launch their own dreams and existing business owners cover costs. .
Dave Piepkorn – Fargo City Commissioner: "The banks are not loaning to small businesses. To me this is a good way for us to fill that gap a little bit."
If approved by the city, the program would offer between $1,000 and $25,000 in loans. The City commission still has to approve the program. If that happens, officials will try to secure about $60,000 from a federal grant and work with the Small Business Administration and local banks to fund the program.
Dave Piepkorn: "Like any loan you'd have to pay interest and then pay it off. The money will be going back and paid and then will be loaned out again so it's kind of like a perpetual loan fund."
It’s a little extra money for businesses like The Candy Bar.
Peggy Hanson: "For advertising, to get our name out there, a bigger sign out there to be able to get more customers in."
If all goes well, city officials hope to have the loan program up and running by this summer.