Many Cleveland businesses have local business grant options. If you want to start a business and employ Cleveland residents, the city can help. The same applied if you want to re-hire furloughed workers.
Cleveland is now expanding business grant funding for small businesses. But the County of Cuyahoga is also offering grants to small local businesses. Here are the Cleveland small business grant options available now.
City Of Cleveland Small Business Grants
Job Creation Incentive Program
The Job Creation Incentive Program is for businesses that want to hire or re-hire Cleveland employees. Its purpose is to attract or retain businesses that employ locals.
To be eligible for the Cleveland small business grant, your business must create at least 5 full-time W-2 jobs in the city. If you are approved for the grant, you’ll receive up to 0.5% of new payroll created for the City of Cleveland for up to 3 years. You may also receive a $5,000 Moving Assistance Grant if you’re moving your business into the city.
Tech Delta Program
If you run a small medical or tech company in Cleveland, this grant program may benefit you. If you’re trying to relocate or expand your tech or medical company into the city, you can apply for $5/square foot up to $50,000.
To be eligible, your company must create at least 5 new full-time jobs in Cleveland. The proceeds of the grant can be used for construction, renovation, lab space, or tech buildout.
Municipal Small Business Initiative
This initiative also involves the Small Business Administration (SBA) and Cuyahoga County. It allows businesses to reduce their equity in SBA-funded projects from the standard 25% down to 10%. Cleveland will then provide a grant of 15% of the project costs. Half of the funding will come from the City of Cleveland. The other half will come from Cuyahoga county.
To be eligible, your business must create at least one permanent, local job per $35,000 provided. You must also be eligible for an SBA-backed loan.
County Of Cuyahoga Small Business Grants
The County of Cuyahoga helps fund many of the City of Cleveland’s local business grants. But the county has also expanded its own programs.
Additional COVID-19 Grants
The Cuyahoga County Executive announced in May that an extra $2.5 million would be granted to small businesses. The Small Business Stabilization Fund offers support to local small businesses that create local employment. The funding comes from the federal CARES Act and is being dispersed by the county. Another $500,000 was raised by the Cleveland Foundation.
If your business employs 25 or fewer people, you may be eligible for grants of $2,500 to $5,000. Further information regarding eligibility and applications can be found here.
What If None Of These Cleveland Small Business Grant Options Work For Me?
Grants are an appreciated resource for thousands of small businesses. But they often aren’t enough.
If you’re struggling to keep your business operating, there are still many funding options. Alternative loans are still available to Cleveland businesses. The only problem is it can be hard to find the best alternative loans.
Capital Source Group
Capital Source Group is a local Ohio-based business loan brokerage firm. The firm works with a network of over 70 business lenders. They work with business owners in a wide range of industries. These business owners also have different credit scores and financing needs.
To find out if they can find you the right loan, all your need to do is fill out their simple form. They will then present you with the best available options.
