The Applicant must be able to secure an SBA backed loan through a participating lender. The Applicant must also meet the City of Cleveland’s program requirements. Projects must create at least one permanent full-time job for every $35,000 in City funds.
The recoverable grant awarded is up to 15% of total project costs but not greater than $50,000.
Use of Proceeds
Property acquisition, new construction or renovation, acquisition of equipment, furniture and fixtures. Working capital (inventory, payroll, utility payments) is not an eligible use.
Applicant must provide a minimum of 10% equity.
City to have a UCC lien on business assets. Other collateral may be deemed necessary. Personal guarantee(s) are usually required.
The City will track annually the job creation progress of the project for a term of up to three years upon project completion. The Applicant must also execute a City Workforce Development Agreement—The Workforce Development Agreement is a free service provided by Ohio Means Jobs that works to match unemployed skilled workers with available positions.