The Economic Development and Technology team assists businesses to grow within or relocate to the City of Cleveland and is dedicated to arranging financing solutions as well as providing consultative services to help companies met their growth objectives.
Economic Development is the lifeblood of the City. Cultivating a positive investment environment is a goal set forth by Mayor Jackson. The City has a variety of loan and/or grant programs to help facilitate growth and expansion within the City. The Economic Development Loan Program provides low interest financing to help facilitate growth and expansion within the City.
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.-more
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
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.
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.
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.