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.
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.