The department's professional staff works with local councilpersons, community development corporations, business leaders, small business owners, entrepreneurs and Greater Clevelanders seeking employment.
The Department of Economic Development has several specialized functions:
CCDC is the approval authority for ED loans under $250,000; provides recommendations to City Council on loans over $250,000; and reviews loan requests approved by City administration and financed by the Economic Development Department.
ED loans are designed to complement financing from private lenders and investors by bridging gaps and assuming risk on significant projects. The focus is to provide financial assistance to under-served low-income communities and under-utilized and vacant properties.
Financial incentives are mainly low-interest and longer-term loans, with higher than standard loan to value requirements, lower than standard debt service coverage ratios and longer than standard periods of interest-only payments. The primary financing goal is to create and retain jobs, and often requires that low-income residents have an opportunity to apply for and work on jobs created, both during and after the construction or renovation process.
To provide assistance to businesses expanding within or locating to the city of Cleveland including financing, workforce solutions and technical assistance that will encourage investment in the community to enhance the lives of our citizens.