Cleveland Department of Economic Development
601 Lakeside Ave. #210
Cleveland, OH 44114
PH: 216.664.2406
Small Business Revolving Loan Fund
Discounted interest rate loans for the acquisition of
fixed assets and for construction by Cleveland businesses
that create or retain jobs. Loans up to $500,000 are
available but cannot exceed 40% of total project costs.
Must create one new job for every $15,000 borrowed. Loan
rates equal 75% of prime. Loan terms up to 20 years or the
useful life of the pledged asset.
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Cuyahoga County
Department of Development
112 Hamilton Ave. 4th FL.
Cleveland, OH 44114
PH: 216.443.7260
Economic Development Loan Program
Below market, fixed rate loans and loan guarantees ranging
from $35,000 to $350,000 to support large and small
business expansion resulting in increased employment. To
be eligible, a company must be located in one of the 46
suburban communities participating in the County's
Community Development Block grant program (excluding
Cleveland). Must create one new job per $35,000 borrowed.
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Cuyahoga County
Department of Development
112 Hamilton Ave. 4th Floor
Cleveland, OH 44114
PH: 216.443.7260
Strategic Initiatives Fund
Below market fixed rate loans up to $1.5 million to support
larger development projects which create or retain
significant employment within the county.
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Greater Cleveland Growth Association
200 Tower City Center
50 Public Square
Cleveland, OH 44113-2291
PH: 216.621.3300
http://www.clevelandgrowth.com
Pollution Prevention Loan Program
Low interest capital improvement loans to purchase
equipment and for construction to complete pollution
prevention activities. Loans can finance up to 80% of the
project. Small and medium size companies with certified
pollution prevention projects that will create or retain
jobs are eligible to apply. Preferential interest rates
for companies located in "distressed areas". This is a
State of Ohio loan program administered by the Growth
Association.
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Greater Cleveland Growth Association
200 Tower City Center
50 Public Square
Cleveland, OH 44113-2291
PH: 216.621.3300
http://www.clevelandgrowth.com
SBA 504 Loan Program
Long term, fixed rate financing to assist small businesses
with expanding or modernizing. Loans can finance up to 40%
of a project's cost from $50,000 to $1 million.
Applicants must be a for-profit business whose net worth
is less than $6 million. One new job must be created for
each $35,000 of funding. This is a U.S. SBA loan program
administered by the Greater Cleveland Growth Association.
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Greater Cleveland Growth Association
200 Tower City Center
50 Public Square
Cleveland, OH 44113-2291
PH: 216.621.3300
http://www.clevelandgrowth.com
166 Regional Loan Program
Below market fixed rate loans for smaller industrial
projects (under $1 million) to support land and building
acquisition, renovation, and manufacturing equipment
purchase. Loans up to $350,000 are available but cannot
exceed 40% of projects costs. One new job must be created for
every $35,000 borrowed. Retail business are not eligible.
This is a State of Ohio loan program administered locally
by the Cleveland Area Development Finance Corporation of
the Growth Association.
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Ohio Department of Development
77 S. High St.
Columbus, OH 43216-1001
PH: 614.466.4551
http://www.odod.ohio.gov
Scrap Tire Loan and Grant Program
Loans and grants for fixed asset expansion for scrap tire
recyclers who locate or expand in Ohio and who demonstrate
they will create new products from Ohio's scrap tires.
Preferential rates for qualifying companies locating or
expanding in "distressed" areas. This is "take out"
financing whereby a business must complete its project
using interim financing from a conventional lender as
equity. State funds are then disbursed upon completion
of the project.
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Ohio Department of Development
Regional Office
615 W. Superior Ave, 12th FL.
Cleveland, OH 44113
PH: 216.787.3240
http://www.odod.ohio.gov
Direct Loan Program (166 Loan)
Long term, below market fixed rate loans for large
industrial projects over $1 million to support land and
building acquisition and manufacturing equipment purchase.
Loans up to 30% of total eligible fixed cost from $350,000
to $1 million. Equity minimum 10%, bank minimum 25%.
Company must demonstrate repayment and management
capabilities and create one job for every $15,000 borrowed.
Three years of financial history must be provided.
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Ohio Department of Development
Regional Office
615 W. Superior Ave., 12th FL.
Cleveland, OH 44113
PH: 216.787.3240
http://www.odod.ohio.gov
Ohio Mini Loan Program
Loan guarantees for fixed assets and equipment for start-up
or existing businesses with fewer than 25 employees. Funds
for equipment costs of $100,000 or less. Small business
entrepreneurs are eligible. Targeted allocation to
minority and women owned businesses. Continuation of this
program is subject to reauthorization by the State
Legislature in 1999.
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Ohio Office of the Treasurer
30 E. Broad St., 9th FL.
Columbus, OH 43215
PH: 800.228.1102
http://www.state.oh.us/treasurer
Linked Deposit Program
Short term (2-year) below market rate loans up to $1
million for working capital, fixed asset purchases and
refinanced-debt for small businesses who create or retain
jobs. Application must be made to a state depository bank.
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U.S. Small Business Administration (SBA)
Cleveland District Office
1111 Superior Ave. E, #630
Cleveland, OH 44114-2507
PH: 216.522.4180
http://www.sba.gov
SBA 7(a) Loan Guarantee Program
Loan guarantees for small businesses that cannot borrow
on reasonable terms from conventional lenders. Can be used
to obtain financing for fixed assets and for working
capital for expansions, or start-ups. Lenders approve and
service the loans and request SBA guarantees. The SBA can
guarantee up to $750,000 of loans but not more than 75% of
the total loan.
Note: there are a number of loan programs under
the 7a Program that address specific needs. Contact the
SBA Cleveland Office for more information.
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U.S. Small Business Administration (SBA)
Cleveland District Office
1111 Superior Ave., #630
Cleveland, OH 44114
PH: 216.522.4180
http://www.sba.gov
7(m) MicroLoan Program
Provides short-term loans from under $100 to $25,000 for
small scale financing purposes such as inventory, supplies,
and working capital. Loans are provided by SBA certified
micro lenders. Contact the SBA Cleveland District Office
to obtain a list of micro lenders.
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