Areas Served: Cuyahoga County
The Grow Cuyahoga County Fund is an economic development tool designed to assist eligible small businesses in Cuyahoga County, including the City of Cleveland.
Grow Cuyahoga works to identify small businesses that have the potential to grow successfully and create jobs.
With loans at the lowest possible interest rates and for the longest possible term, Grow Cuyahoga can structure financing that will help these businesses realize their potential.
How The Grow Cuyahoga County Fund Operates The Grow Cuyahoga County Fund is a unique economic development partnership between Cuyahoga County, the City of Cleveland and the Grow America Fund, Inc. (GAF).
GAF, a nationally-recognized Small Business Lending Company, is a wholly-owned affiliate of the National Development Council (NDC), one of the nation’s oldest nonprofit corporations specializing in community, economic and public facility development.
To qualify for Grow Cuyahoga financing, a business must be for-profit and meet the size and eligibility criteria of the U.S. Small Business Administration (SBA).
Loans made under this program will be underwritten by GAF and guaranteed by the SBA under GAF’s Small Business Lending Company license.
Therefore, each loan must comply with SBA guidelines and procedures.
GAF staff are well equipped to make the application process simple and seamless.
Once a request for financing is approved, GAF will also close, disburse and service each loan.
Eligibility All businesses that are considered for financing must meet SBA size standards, be a for-profit company in business for at least three years, not already have the internal resources (business or personal) to provide the financing, and be able to demonstrate repayment.
Loan Amount and Rate The Grow Cuyahoga County Fund can make loans ranging from $100,000 to $2 million as permitted by the SBA, at or below market rates.
Use of Proceeds Loan proceeds may be used for any legitimate business purpose, including working capital, machinery and equipment, acquisition of land and building, construction, renovations and tenant improvements.
The Grow Cuyahoga County Fund, however, does not provide venture capital and cannot provide funds for research and development or to satisfy equity or near-equity needs.
Collateral All loans must be adequately collateralized.
Personal guarantees of the owners are required.
Terms – Working Capital: 3-10 years (normally 5-7 years) – Machinery and Equipment: 5-10 years or life of the asset – Tenant Improvements: term of the lease – Acquisition of Real Estate: Up to 25 years – Construction/Renovations: Up to 25 years
Contact InformationDepartment of Economic Development
Address: 1701 East 12th Street, 1st Flo
City: Cleveland
State: Ohio
Website:
http://www.city.cleveland.oh.us/CityofCleveland/Home/Business/BusinessResources/LoansGrants
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