Areas Served: City of Cleveland
The City of Cleveland, Ohio offers several business loan programs.
Storefront Renovation Program The Storefront Renovation Program (SRP) offers technical, design and financial assistance to commercial property owners whose retail (storefront) buildings are located in 27 City-approved Target Areas.
Economic Development Loan Program Designed to help companies from across all industries grow and prosper, this program offers long term, fixed-rate financing at 4% intereSt. This provides a lower debt service on overall financing and can help a company aggressively pursue and execute on their growth strategy.
Neighborhood Retail Assistance Program The Neighborhood Retail Assistance program or NRAP’ program is structured to provide grant and loan assistance (up to $40,000) to small retail-related businesses and targets projects which will upgrade the exterior appearance and feel of retail districts.
These projects include landscaping, lighting and signage, enhancements which have proven to have a positive effect on the economic vitality, vibrancy, and image of a community.
All NRAP applicants must have a letter of support from their community Development Corporation (CDC) and their councilperson.
Working Capital Loan Program This program is designed to assist businesses that have recently had their lines of credit cut.
The company must show pending orders that require inventory purchase, have the ability to re-pay debt, and be credit worthy.
The City cannot refinance existing debt or fund speculative projects.
The loans are for one year and may be extended for up to an additional two years, if the company can show inadequate access to a bank line of credit.
The loan will be deferred for 3 months and be amortized over 39 months at 4.25% fixed intereSt. Maximum loan amount is $200,000. Borrowers may pre-pay the loan without penalty.
City participation is 33.3% maximum, and requires at least 10% equity participation.
Contact InformationCity of Cleveland
Address: 601 Lakeside Ave
City: Cleveland
State: Ohio
Website:
http://www.city.cleveland.oh.us/CityofCleveland/Home/Business/BusinessResources/LoansGrants
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