View The Grow Cuyahoga County Fund Brochure
On March 2, 2006, the Board of County Commissioners launched The Grow Cuyahoga County Fund, a regional economic development fund operated in conjunction with the National Development Council which is a licensed SBA 7(a) lender. The National Development Council (NDC) is one of the nation’s oldest non-profit organizations for community and economic development. Through its Grow America Fund subsidiary, NDC provides SBA-guaranteed 7(a) loans to small businesses in partnership with client communities throughout the country. For more information about the SBA 7(a) Loan Program go to:
http://www.sba.gov/financing/sbaloan/7a.html
Currently, The Grow Cuyahoga County Fund has received funding from the BOCC and the Cuyahoga County Community Improvement Corporation (CCCIC). Other funding partners are being contacted including the Greater Cleveland Partnership, the City of Cleveland, the Port Authority and foundations. Every local dollar is expected to leverage four additional dollars through the National Development Council’s Community Development Bank.
The Grow Cuyahoga County Fund can make loans ranging from $100,000 to $1 million. The loans will generally be 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, acquisition of land and building, 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. The program provides economic development incentives that are not currently available in the community including working capital financing and the financing for retail and restaurants.
Click here for 2008 Grow Cuyahoga County Application .
Contact Information
Bob Flauto
Senior Development Finance Analyst
Cuyahoga County Department of Development
112 Hamilton Ct., Fourth Floor Annex Bldg.
Cleveland, OH 44114
Phone: (216) 698-2898 Fax: (216) 348.4479
bflauto@cuyahogacounty.us