Cleveland - Cuyahoga County is working with partners from across the region to continue deploying over $6 million through a Small Business Stabilization Fund, comprised of loans and grants, to support small, neighborhood-based businesses that have been impacted by the COVID-19 pandemic. Five hundred thousand dollars of this Fund was allotted for the first round of grants. The first round of applications for grants was open from April 17th to April 23rd. Two hundred businesses were selected from more than 3,000 applicants to receive $2,500 grants each.
Due to the great need, the County has partnered with the Cleveland Foundation and Cleveland Neighborhood Progress to launch the second round of applications. Small businesses will be able to apply for an additional $2.5 million in grants, with grant awards that will range from $2,500, up to $5,000. Grant amounts will be determined by a grant committee based on review of eligibility requirements as well as company revenue and employee size. Small businesses with up to 25 employees are eligible for grants.
“We are continuing to do everything we can to support small businesses during these challenging times,” said Cuyahoga County Executive Armond Budish. “These grants, while modest, will help with business related expenses, including payroll, accounts payable, fixed costs, inventory, rent, and utilities. Those who were not eligible for a grant are being encouraged to apply for one of the flexible loans being offered by the Stabilization Fund, which has approximately $3.7 million in funds.”
“The County’s Small Business Stabilization Fund aligns with our commitment to fostering economic development by strengthening our workforce and supporting neighborhood-based businesses in Cleveland and the inner-ring suburbs. We hope this collaborative effort will lead to additional streamlining of how resources are deployed to the smaller neighborhood businesses that have defined our community for generations,” said Cleveland Foundation Senior Vice President, Program India Pierce Lee.
“Neighborhood Progress salutes the leadership of the Cleveland Foundation and the County and their rapid response to this crisis,” said President and CEO of Cleveland Neighborhood Progress Joel Ratner. “We all know that small businesses in the City and County are suffering and we are committed to a quick and efficient distribution of these critically important grants.”
The second round of applications for grants will open today, Friday May 8th at 9:00 a.m. and close on Friday May 15th at 5:00 p.m. Grants will be awarded, and begin to be distributed, to businesses during the week of May 26th. Businesses can apply for a grant, as well as be directed to lenders, by completing the Stabilization Fund Application on the Cuyahoga County’s Small Business Resource Center website, cuyahogacounty.us/helpforbusiness.
Businesses who are eligible for a grant will be contacted for further information and must submit the following documents to receive a grant award:
1) Copy of most recent business bank statements generated within the last 30 days
2) Articles of organization from the Secretary of State website
3) Driver’s license Front and Back photo of Government Issued ID
4) Signed W-9
5) Bank Account Information
Cleveland Neighborhood Progress will administer the second round of grant deployment through the Stabilization Fund in partnership with Cuyahoga County.
About the Stabilization Fund
The Stabilization Fund provides working capital to businesses severely impacted by COVID-19 for business-related expenses, including payroll, accounts payable, fixed costs, inventory, rent, and utilities. Outcomes of the Stabilization Fund include business stabilization, job retention, positioning for long-term recovery and support of minority and neighborhood-based businesses.
Small Businesses with less than 500 employees can apply for flexible loans through the Stabilization Fund as well. Businesses who are applying for loans, including those not eligible for a grant, will be contacted and connected with lenders who are offering low-interest loans to help for business-related expenses. They will also be connected to the Small Business Resource Center for technical assistance. They will be notified on further steps to complete the loan process and approval by a lending partner.
Small business owners can learn more about the Stabilization Fund and resources available to them by calling the Small Business Resource Center at 216-452-9714 or by visiting the Coronavirus Business Resource page on the Cuyahoga County website.
Photo by: Ken Robinson / WTAM 1100
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