In 1985, as Duluth’s economy struggled to find its footing, a bold new idea gave the city a much-needed boost: the Duluth 1200 Fund.
Named for its original goal of creating 1,200 new jobs, the fund began offering low-interest loans to local businesses and manufacturers eager to grow, hire, and help revitalize the community.
Forty years later, the Duluth 1200 Fund remains a driving force behind the city’s economic resilience—supporting entrepreneurs, employers, and workers across Duluth.
“We helped revitalize Duluth back in the ’80s, and we’re still building it up today,” said Laura Mullen, current president of the Duluth 1200 Fund board. “Whether it’s an entrepreneur with a dream, a storefront or historic preservation project, or a childcare startup, we’re here to close the gap between vision and reality.”
Since its inception, the Duluth 1200 Fund has awarded more than $12 million in loans to 93 companies, fueling the creation of over 1,900 jobs in the city.
The fund’s success lies in its adaptability and commitment to evolving with Duluth’s needs.
“The next phase of the 1200 Fund is really adaptable,” said Angi Stier, a lead staff member at the Duluth 1200 Fund. “What we can do to really make a solid business community and economy is fill in the gaps that lead to that strong foundation.”
In recent years, the 1200 Fund has broadened its scope with innovative programs such as:
- The Childcare Collaboration Grant, addressing the city’s growing need for accessible childcare.
- The Mentorship Loan Program, designed to guide new entrepreneurs through early growth stages.
- The Historic Fund, launched in 2025 to help preserve and restore iconic spaces in Duluth’s downtown Historic District.
From family-run startups to legacy manufacturers, the Duluth 1200 Fund continues to power what’s next for Duluth—one bold idea at a time.
