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.” -more
Economic Development Loan Program
216.664.3612 - Weekdays 8 am to 5 pm - 601 Lakeside Ave., Room 210
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.
Loans for the ED program range from $35,000 to $500,000 and cannot exceed 40% of the total project's cost. Terms are typically 5-7 years on equipment and up to 15 years on land and building.
Borrowers are encouraged to use this program in association with other private and public funds in order to achieve optimal financial leveraging for their organization. The City will take a subordinated collateral position to a private lender, provided there is adequate collateral.
Tax Increment Financing
Tax Increment Financing (TIF) is an economic development tool that allows a municipality to re-direct new incremental real-property taxes on large scale projects. TIFs are unique in the fact that they help to raise tax revenues for development efforts without raising taxes.-more
Neighborhood Retail Assistance Program
216.664.3720 - Weekdays 8 am to 5 pm - 601 Lakeside Ave.
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.
*When locating near a CDC boundary it is a good idea to call the CDCs to confirm which CDC covers that area.
The Grow Cuyahoga County Fund
This is a public-private partnership intended to attract new funds to the region. It provides ED incentives including financing for working capital, retail establishments, and restaurants. -more
WECO Fund, Inc. provides financial services and programs to low and moderate-income individuals and families and companies, organizations, and institutions in which they are involved. It also supports organizations that want their employees, members, constituents, customers, clients or congregants to be financially stable. -more
Vacant Property Initiative Fund
216.664.2406 - Weekdays 8 am to 5 pm - 601 Lakeside, Room 210
These loans are designed to overcome barriers to the re-use of abandoned, idled or underutilized commercial and industrial properties. Eligible applicants include private developers and businesses, and non-profit CDC’s. -more
This initiative is designed to create a showroom district on Euclid Avenue and the streets between East 9th and East 22nd. The goal is to create a high-end urban experience for buyers from national and local retailers. Eligible activities include property acquisition, site clearance/demolition, appraisals, renovations, new construction, leasehold improvements, signage, exterior lighting & improvements, architectural expenses, and permit fees. Funding of up to $350,00 include loan forgiveness incentives. A shared 1st priority lean or letter of credit will be required.
Workforce Training Grants
216.664.3073 – Weekdays 8 am to 5 pm – Fax: 216.664.2951
Grant money for employee training is available to Cleveland businesses through Employment Connection, a comprehensive group of partners which include government, education and supportive service providers that offer workforce development assistance. Grants are available for training dollars for existing as well as new workers and can include money for on-the-job training. In order to apply for the grant, the business must submit a completed application and contact Employment Connection at the above phone number. The employer is responsible for up to 50% of the cost associated with the program.
Working Capital Loan Program
216.664.3612 or 216.664.2202 – Weekdays 8 am to 5 pm – Send Email
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.
Cleveland City Hall 601 Lakeside Ave Cleveland, Ohio 44114 Weekdays 8am-5pm