What is the Stabilization Fund?
The Stabilization Fund provides working capital to businesses impacted by COVID-19 for business related expenses, including payroll, accounts payable, fixed costs, inventory, rent, and utilities. Focuses of the Stabilization Fund include: Business Stabilization, Job Retention, Positioning for Long-term Recovery, and Support of Minority and Neighborhood-based Businesses


How do I apply for a grant or loan?
Please fill out the Business Assistance Application to relate to appropriate lending partners or to apply for the grants. The Application can be found at www.cuyahogacounty.us/helpforbusiness.

The Stabilization Fund has loans available from several partners to meet the capital needs of your business.


What is the grant eligibility?

• Business must have fewer than 20 employees
• Business must have less than $1 Million in revenue
• Business must have been in operation for at least one year
• Business must have a physical establishment in Cuyahoga County
• The owner must be a resident of Cuyahoga County
• 25% of business employees must live in Cuyahoga County
• Business must have a plan to re-open within one calendar year
• Business must have experienced more than 50% of revenue disruption due to COVID-19
• Business must certify that they have applied, or are not eligible, to one of the SBA Disaster Relief Programs through the U.S. Small Business Administration (SBA) at www.sba.gov:
  • Economic Injury Disaster Loan (EIDL)
  • SBA 7(a) Loan under the Paycheck Protection Program

The following business types will be given preference: service industries (restaurants/bars/personal care services and cosmetology), hospitality, neighborhood healthcare/grocers, general contracting, landscaping.

Businesses in low to moderate income census tracts will also be given preference, but other businesses are eligible.

Ineligible businesses include businesses that have greater than $5,000 in unpaid real estate taxes owed to Cuyahoga County, adult entertainment, banks, financial services, e-commerce, liquor stores, tobacco stores, cannabis dispensaries, and franchises which are not locally owned and independently operated.


Can sole proprietors and independent contractors apply for the Stabilization Fund?
Sole proprietors and single member LLCs are eligible. However, currently independent contractors are not eligible. *This is subject to change


Do I qualify for the Stabilization Fund if I am a home-based business?
Yes, if your residence is registered as your business and is located within the County.


What application materials do I need?
To receive a grant, the business owner will need to scan and email a photo of their signed IRS form W-9, and the front and the back of their driver’s license. Business owners can expect a follow up from the Grant Committee should they need these documents and any other information. The loan vendor to which the business is assigned will send a separate application to complete the loan process, along with any application materials needed.


What is the deadline for applications?
Applications for the first round of grant funding will open on Friday, April 17 at 9:00 a.m. and will close on Thursday, April 23 at 5:00 p.m.


How are grant and loan recipients selected?
Businesses must complete a Business Assistance Application to initiate the application process.

• Grants: Grant recipients are evaluated by a grant committee composed of small business and banking professionals and the County Department of Development staff.
• Loans: The Business Assistance Application that businesses complete will be pre-screened by a Stabilization Fund Team so that businesses can be matched to the best lender. Participating lenders include the Economic and Community Development Institute, Village Capital Corporation, the Urban League of Greater Cleveland, and the National Development Council.

Can I apply for both a grant and a loan?
No. Applicants who meet both grant and loan criteria will have the choice of applying for a grant of $2,500-$5,000 or applying for a larger loan.


How much money is available?
As of April 17, 2020, the total contribution between both grants and loans for the Stabilization Fund is over $4 million. Available grant funds total $500,000.


Can I apply for multiple loans?
Yes, you can. When applying for the Stabilization Fund, please list the other loans and grant funds that you have applied to or been approved for.


What is the interest rate on the loan?
Each lending partner will provide a variety of loan interest rates and terms. Please complete the Business Assistance Application which is a pre-screening for loans.


How quickly will money be distributed?
The County will announce those who will be awarded a grant in the first round on Tuesday, April 28, 2020. Grant funds will begin to be distributed during the week of April 27, 2020. Businesses who are applying for loans will be notified of loan eligibility, further steps to complete the loan process, and approval by a lending partner. Businesses should expect a multi-week timeframe for the lending process and final approvals.


How will I get my money?
There will be a secondary request for information that will include collecting your bank account or mailing address as well as other data to complete both the grant and loan process. If approved, payments will be sent by ACH or a check will be mailed.


Is the Cuyahoga County Stabilization Fund different from the SBA EIDL program?
The Stabilization Fund was created by Cuyahoga County along with other community partners. Businesses must have applied for, or be ineligible for, the Small Business Administration Economic Injury Disaster Loan (EIDL).


About the SBA Economic Injury Disaster Loans and Loan Advance
Apply for a COVID-19 Economic Injury Disaster Loan. Small businesses can apply for working capital loans of up to $2 million, and a Loan advance of up to $10,000.