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Cuyahoga County Commits $427,500 for Round Three of Small Business Administration Municipal Grant Program
Contacts:
Miranda Kortan: (216) 698-2546; mkortan@cuyahogacounty.us
SBA Municipal Grant Program Assists Small & Mid-Sized Businesses with Job Creation and Growth
CUYAHOGA COUNTY, OH – Cuyahoga County is continuing its commitment to the Small Business Administration (SBA) Municipal Grant Program, a supplemental investment program designed to assist small business growth and job creation. The County’s Department of Development is recommending additional SBA Municipal Matching Grant awards totaling $427,500 to Cleveland Heights, Lakewood and Shaker Heights as part of its third round of Cuyahoga County’s Small Business Finance Initiative.
“Supporting small businesses from early stage and onward is one of our top priorities. The SBA Municipal Grant Program continues to help small businesses create jobs and opportunities in Cuyahoga County,” said Cuyahoga County Executive Armond Budish. “We appreciate the support of the Cleveland office of the United States Small Business Administration as well as our other key small business partners, including the Economic and Community Development Institute, the Urban League of Greater Cleveland, Growth Opportunities Partners and the Grow Cuyahoga Fund.”
The SBA Municipal grant Program was created in partnership with Cuyahoga County, participating municipalities, and the U.S. Small Business Administration. In 2015, Cuyahoga County launched a pilot of the SBA Municipal Grant Program with the City of Cleveland and Shaker Heights. To date, the program has supported 56 businesses, leveraged more than $20 million of SBA insured loans, and created or retained more than 450 jobs.
“We are very pleased that Cuyahoga County is extending support to the Municipal Grant program,” said Gil Goldberg, Cleveland District Director for the SBA. “The program will bring good jobs to our region by continuing to provide assistance to those businesses that need a little help to obtain an SBA loan."
Under the initiative, small businesses in participating communities are eligible for performance grants/forgivable loans up to 15 percent of the businesses’ expansion project or working capital need provided the amount does not exceed $50,000. Start-up businesses are also eligible under the initiative. Businesses must have 10 percent equity, be willing to receive technical assistance from one of three Small Business Development Centers in Cuyahoga County, and qualify for an SBA insured loan.
Project funding consists of an SBA-backed loan from a participating lender and a performance grant/forgivable loan from the program’s participating municipality and owner equity.
Small businesses in participating municipalities need to either contact their lending institution or their municipal economic development staff to apply. The performance grant/forgivable loan is funded through a separate account established by the County and municipality. The municipality is the administrator of the account and will be the small business’ main point of contact.
“We would like to thank Cuyahoga County Executive Armond Budish, County Council and the SBA for this grant award and for again recognizing Shaker’s commitment to seeding and growing small businesses. Providing access to capital for small businesses is key to the revitalization of our commercial districts. These funds come at a particularly important time for the City as we focus on reinvigorating the Chagrin-Lee business district,” stated David E. Weiss, Mayor of Shaker Heights.
“Supporting our small business community is one of the City’s major development goals, and the SBA Grant Program has become an important part of our business development toolkit,” said Cleveland Heights City Manager, Tanisha Briley. “Cleveland Heights is excited to be able to extend the availability of this program to our over 500 small businesses.”
“Lakewood was built on the backs of small businesses and their courageous owners. The strength of all our employers is a vibrant, economic nest,” said Mayor of Lakewood, Michael P. Summers. “The SBA County Municipal Grant Program helps the City support this nest by allowing us to reach out and support our neighborhood-serving businesses. The matching financial support of Cuyahoga County, combined with the coaching of the SBA, has resulted in meaningful investments in small businesses that would otherwise lack access to these resources.”
For more information on the SBA Municipal Grant Program contact Michael May at (216) 348-4847.
Miranda Kortan: (216) 698-2546; mkortan@cuyahogacounty.us
SBA Municipal Grant Program Assists Small & Mid-Sized Businesses with Job Creation and Growth
CUYAHOGA COUNTY, OH – Cuyahoga County is continuing its commitment to the Small Business Administration (SBA) Municipal Grant Program, a supplemental investment program designed to assist small business growth and job creation. The County’s Department of Development is recommending additional SBA Municipal Matching Grant awards totaling $427,500 to Cleveland Heights, Lakewood and Shaker Heights as part of its third round of Cuyahoga County’s Small Business Finance Initiative.
“Supporting small businesses from early stage and onward is one of our top priorities. The SBA Municipal Grant Program continues to help small businesses create jobs and opportunities in Cuyahoga County,” said Cuyahoga County Executive Armond Budish. “We appreciate the support of the Cleveland office of the United States Small Business Administration as well as our other key small business partners, including the Economic and Community Development Institute, the Urban League of Greater Cleveland, Growth Opportunities Partners and the Grow Cuyahoga Fund.”
The SBA Municipal grant Program was created in partnership with Cuyahoga County, participating municipalities, and the U.S. Small Business Administration. In 2015, Cuyahoga County launched a pilot of the SBA Municipal Grant Program with the City of Cleveland and Shaker Heights. To date, the program has supported 56 businesses, leveraged more than $20 million of SBA insured loans, and created or retained more than 450 jobs.
“We are very pleased that Cuyahoga County is extending support to the Municipal Grant program,” said Gil Goldberg, Cleveland District Director for the SBA. “The program will bring good jobs to our region by continuing to provide assistance to those businesses that need a little help to obtain an SBA loan."
Under the initiative, small businesses in participating communities are eligible for performance grants/forgivable loans up to 15 percent of the businesses’ expansion project or working capital need provided the amount does not exceed $50,000. Start-up businesses are also eligible under the initiative. Businesses must have 10 percent equity, be willing to receive technical assistance from one of three Small Business Development Centers in Cuyahoga County, and qualify for an SBA insured loan.
Project funding consists of an SBA-backed loan from a participating lender and a performance grant/forgivable loan from the program’s participating municipality and owner equity.
Small businesses in participating municipalities need to either contact their lending institution or their municipal economic development staff to apply. The performance grant/forgivable loan is funded through a separate account established by the County and municipality. The municipality is the administrator of the account and will be the small business’ main point of contact.
“We would like to thank Cuyahoga County Executive Armond Budish, County Council and the SBA for this grant award and for again recognizing Shaker’s commitment to seeding and growing small businesses. Providing access to capital for small businesses is key to the revitalization of our commercial districts. These funds come at a particularly important time for the City as we focus on reinvigorating the Chagrin-Lee business district,” stated David E. Weiss, Mayor of Shaker Heights.
“Supporting our small business community is one of the City’s major development goals, and the SBA Grant Program has become an important part of our business development toolkit,” said Cleveland Heights City Manager, Tanisha Briley. “Cleveland Heights is excited to be able to extend the availability of this program to our over 500 small businesses.”
“Lakewood was built on the backs of small businesses and their courageous owners. The strength of all our employers is a vibrant, economic nest,” said Mayor of Lakewood, Michael P. Summers. “The SBA County Municipal Grant Program helps the City support this nest by allowing us to reach out and support our neighborhood-serving businesses. The matching financial support of Cuyahoga County, combined with the coaching of the SBA, has resulted in meaningful investments in small businesses that would otherwise lack access to these resources.”
For more information on the SBA Municipal Grant Program contact Michael May at (216) 348-4847.
