This unique funding effort is a public-private partnership intended to attract new funds to the region. It provides economic development incentives not currently available in the community, including financing for working capital, retail establishments, and restaurants. Working with the national non-profit organization The National Development Council, funding partners include the Cuyahoga County Community Improvement Corporation, City of Cleveland and Cuyahoga County Commissioners.
Every dollar lent locally is expected to leverage four additional dollars through the National Development Council’s Community Development Bank.
The fund can make loans ranging from $100,000 to $1 million at rates of prime minus 2% to prime plus 2%, for terms up to 25 years (depending on the proposed use of funds).
Loan proceeds may be used for any legitimate business purpose, including working capital, machinery and equipment, acquisitions of land and buildings, construction, renovations and tenant improvements.
The Grow Cuyahoga County Fund does not provide venture capital and cannot provide funds for research and development or to satisfy equity or near-equity needs.
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.