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Technical & Financial Business Resources

There are a variety of financial and technical assistance available to local businesses looking to expand or to buy a new piece of equipment and for new businesses looking to move into the area.  The City of Cleveland has many incentives, and we also partner with a variety of organizations to develop packages that best fit your needs.  Below are some possible options that may be of interest.  You can call them directly, or we can help simplify the process by making an introduction or working with our partners to develop a comprehensive package to meet your needs.  Contact anyone on our staff for more details. 

Cleveland Development Advisors
Cleveland Development Advisors, an affiliate of the Greater Cleveland Partnership is a real estate and business development finance organization that invests privately-funded capital and New Markets Tax Credit allocations into catalytic projects designed to advance economic and community development projects throughout Cleveland.
Assistance: $200,000-$28 million
Phone: 216.592.2274

Cuyahoga County Department of Development
The Cuyahoga County Department of Development offers loans for for-profit commercial, industrial or service businesses that expand in or move to Cuyahoga County.
Assistance: $35,000-$350,000, up to 40% of total project cost
Phone number: 216.443.3159

Grow Cuyahoga County Fund
The Grow Cuyahoga County Fund is a unique economic development partnership between the City of Cleveland, Cuyahoga County and the Grow America Fund, Inc. The fund provides SBA guaranteed loans to businesses for working capital, machinery and equipment, acquisition of land and buildings, construction, renovation and tenant improvements. These loans can offer longer terms, lower down-payments, and lower interest rates.
Assistance: $100,000 to $2,000,000
Phone number: 216.698.2898

Draper Triangle Ventures
Draper Triangle Ventures can help you take your business to the next level by providing team-building, partnership, support and funding. They focus on technology businesses with great market potential.
Assistance: $250,000-$2,000,000
Phone number: 216.363.5300
 
Enterprise Zone Tax Incentives
The Enterprise Zone Program provides real estate tax abatement to companies expanding or relocating to Ohio. Qualifying businesses can receive tax abatement for substantial investment in real property. The business must demonstrate job creation and retention within the zone to qualify for the local tax incentive.
Assistance: Local governments can grant exemptions of up to sixty percent (60%) on eligible new investments for ten (10) years.
Phone number: 216.664.2406

Economic and Community Development Institute
ECDI provides technical assistance and micro-loans for small business start-ups that may not qualify for traditional financing.  Loans range from $500 - $350,000 for start-up, newly-established, or growing microenterprises.  In July 2014, ECDI has established a full-time women’s business center in Cleveland which will offer office space, technical assistance and access to capital. ECDI also provides a Training Institute with a variety of coursers for technical assistance to help clients acquire the knowledge and tools they need to succeed.
Assistance: Up to $350,000
Phone number: 216.912.5662

Foreign Trade Zone
The Cleveland Cuyahoga County Port Authority can provide technical assistance with Foreign Trade Zones.   These federally designated areas all domestic and foreign commercial merchandise of all kinds to be held without being subject to Customs duties and other taxes. The merchandise is treated by Customs as if it were outside the United States.
Assistance: Provides benefits to companies importing goods into the United States.
Phone Number: (216) 377-1363
 
Glengary LLC
Glengary LLC provides human capital and investment capital for early-stage businesses in the healthcare, technology and business services sector.
Assistance: $100,000-$1,500,000
Phone number: 216.378.9200

Greater Cleveland Partnership
An association of business members, that mobilizes private sector leadership, expertise and resources to create jobs and leverage investment to improve the economic vitality of the region. The Greater Cleveland Partnership is one of the largest metropolitan chambers of commerce in the country.
Phone number: 216-621-3300  

Growth Capital Corp
Growth Capital Corporation is a private nonprofit corporation, certified by the SBA to process loans and contribute to the economic development of the community. Since 1982, Growth Capital Corporation has provided fixed rate capital financing assistance to Northeast Ohio for-profit businesses in support of their overall mission to foster economic growth including job creation and retention.
Assistance: $25,000- $5.5 million
Phone number: 216.592.2332

Innovation Ohio Loan Fund
Provides loans for acquisition, construction, and related capital costs of technology, facilities, and equipment purchases. The fund was created to assist existing Ohio companies in developing next-generation products and services within the state’s Industry Sectors.   
Assistance: $500,000 to $1.5 million
Phone Number: (216) 592-2258

JobsOhio Economic Development Grant
Promotes economic development, business expansion, and job creation by providing funding for eligible projects in the State of Ohio. Funding is based on job creation, additional payroll, fixed-asset investment commitment, project return on investment,
Assistance: To be determined based on investment
Phone Number: (216) 592-2258

JobsOhio Revitalization Program
Promotes economic development, business expansion, and job creation by providing funding for eligible projects in the State of Ohio. Funding is based on job creation, additional payroll, fixed-asset investment commitment, project return on investment.
Assistance: $500,000 - $5 million
Phone Number: (216) 592-2258

JobsOhio Workforce Grant
Promotes economic development, business expansion, and job creation by providing funding for the improvement of worker skills and abilities. Funding is based on job creation, additional payroll, fixed-asset investment commitment, project return on investment, and project location
Assistance: 50 -75% of eligible training costs
Phone Number: (216) 592-2258

JobsOhio Growth Fund Loan
Provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing. Loans will be considered to companies that are in the growth, established or expansion stage, and that have generated revenues through a proven business plan.  Funding is based on job creation, additional payroll, fixed-asset investment commitment, project return on investment, and project location.
Assistance: $.5 million to $5 million
Phone Number: (216) 592-2258
 
NCIC Capital Fund
NCIC CapitalFund is an early stage investment company that invests emerging, growth-oriented, technology-based companies in Ohio.
Assistance: $200,000-$750,000
Phone number: 937.222.4422

Northeast Ohio Development Fund
The NMTC Program spurs investment in businesses and real estate projects in low-income communities. Investors who participate receive a credit against their Federal income taxes in exchange for making equity investments in designated communities through specialized financial institutions called Community Development Entities (CDEs).  The Northeast Ohio Development Fund is one such CDE. Currently this would benefit a project with about $.20 - $.23 on the dollar of funds that act like equity.
Assistance: Project size usually must be over $5 million
Phone Number: (216) 377-1351

Ohio Enterprise Bond Fund
Provides revenue bond financing through an S&P rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range between 7 to 10 years for equipment and 15 to 20 years for real estate.
Assistance: Up to $10 million
Phone Number: (216) 592-2258

Ohio Historic Preservation Tax Credit Program
Administered by the Ohio Development Services Agency and the State Historic Preservation Office, this program provides financial assistance to help revitalize Ohio communities by transforming vacant and underutilized historic buildings for new purposes. The State offers "application rounds" for the submission of proposals. These time windows happen usually twice a year. They also have a finite amount of credits available, and awards of application approvals are competitive.
Assistance: 25% of Qualified Rehabilitation Expenses
Phone Number: (614) 728-0995

Port Authority Fixed Rate Financing Program
Gives smaller organizations the ability to borrow money in the capital market at investment grade rates for fixed assets. The program benefits larger businesses that would otherwise find an investment grade rating costly and difficult to maintain.
Assistance: $1.5 million to $9 million
Phone Number: (216) 377-1351

Port Authority Structured Leasing Program
Helps developers finance public improvement infrastructure projects such as roads, street lights, underground utilities, sidewalks, landscaping and public parking garages. The program works well in mixed-use developments. Typically the tax increment and/or special assessment revenues pay for the improvements. Additional benefits via the savings on sales tax for construction materials since the Port is an exempt entity. 
Assistance: Can fund up to 100% of the project for up to 30 years at fixed rates based on tax exempt issuances. 
Phone Number: (216) 377-1351

Port Authority Infrastructure Financing Program
Gives smaller organizations the ability to borrow money in the capital market at investment grade rates for fixed assets. The program benefits larger businesses that would otherwise find an investment grade rating costly and difficult to maintain.
Assistance: $1.5 million to $9 million
Phone Number: (216) 377-1351

Regional 166 Direct Loan
Administered locally by Growth Capital, the program provides low interest loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses.
Assistance: Up to $500,000 or maximum of 75% of collateral
Phone Number: (216) 592-2343 

State Job Creation Tax Credit
A refundable tax credit to companies creating at least 10 new jobs (within three years) with a minimum annual payroll of $660,000 that pay at least 150 percent of the federal minimum wage. The tax credit is measured as a percentage of the state income tax withholdings for all new employees hired under the program, and is applied toward the company’s commercial activity tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded. A business must apply for the credit before committing to the project. Applicants must be approved through the Ohio Tax Credit Authority before hiring begins.
Assistance: To be determined based on jobs, payroll and investment
Phone Number: (216) 592-2258

State 166 Direct Loan
Provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses.
Assistance: The program provides low-interest loans up to 40 percent not to exceed $1.5 million.
Phone Number: (216) 592-2258

State Research and Development Investment Loan
Provides capital for projects primarily engaging in research and development activity. Rates are fixed (at- or below-market rates) with other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non- refundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.
Assistance: $500,000 to $5 million
Phone Number: (216) 592-2258

State Research and Development Investment Tax Credit
Provides a non-refundable tax credit up to seven percent for qualified research and development expenses. Qualifying expenses fit into two categories: in-house research expenses, and contracted research expenses. Any unused portion of a tax credit may be carried forward for up to seven years.
Assistance: Tax credit up to 7%
Phone Number: (216) 592-2258

State Roadwork Development (629 Fund)
Roadwork Development (629) funds are available for public roadway improvements, including engineering and design costs. Funds are available for projects primarily involving manufacturing, research and development, high technology, corporate headquarters, and distribution activity. Projects must create or retain jobs. Grants are provided to a local jurisdiction and require local participation.
Assistance: Dependent upon jobs and investment
Phone Number: (216) 592-2258

Storefront Renovation Program
As part of the City of Cleveland's initiative to help local business thrive, this program assists targeted neighborhood retail districts in becoming attractive, economically viable, and diverse places to shop. The program helps fund the rehabilitation/renovation of (primarily) traditional storefront building exteriors. Low interest / long amortization schedule loans are available along with free city design review assistance. 
Assistance: 40% of eligible project costs up to $25,000
Phone Number: (216) 664-2869

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