Cleveland Municipal Small Business Initiative
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Cleveland Municipal Small Business Initiative
City of Cleveland
ABOUT THE GRANT
The Cleveland Municipal Small Business Initiative provides Cleveland small businesses with recoverable grants of up to $50,000 (or 15 percent of total project costs, whichever is lower) to reduce the equity required to complete an SBA-backed financing project. Administered by the City of Cleveland's Economic Development Department in partnership with the U.S. Small Business Administration and Cuyahoga County, the grant is funded half by the City and half by the County. The program's purpose is to leverage traditional SBA financing to help small businesses create jobs and opportunities in the City of Cleveland, effectively lowering the equity requirement on an SBA project from 25 percent to 10 percent.
To qualify, applicants must be able to secure an SBA-backed loan through a participating lender and 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 received, and applicants must contribute at least 10 percent of the total project cost as equity. The City tracks each recipient's job creation progress annually for up to three years following project completion, and recipients must execute a City Workforce Development Agreement (a free service provided by Ohio Means Jobs that matches unemployed skilled workers with available positions at the recipient business).
Eligible uses of grant funds include property acquisition, new construction or renovation, and the acquisition of equipment, furniture, and fixtures. Working capital expenses (such as rent, utilities, inventory, and payroll) are not eligible uses and are also excluded from the calculation of total project costs used to determine the grant amount. As part of the grant terms, the City takes a UCC lien on the business's assets, personal guarantees from the business owner are typically required, and additional collateral may be required at the City's discretion. If the business fails to meet the job creation performance milestones over the three-year tracking period, the City may require repayment of some or all of the grant.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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