Small Business Stabilization Fund
Cuyahoga County announced that it has created the Small Business Stabilization Fund to assist small neighborhood businesses throughout Cuyahoga County. The first round of applications will begin the week of April 17, 2020 through the end of the business day on April 23, 2020. Cuyahoga County is offering this opportunity to small businesses with grants/low interest loan money to businesses that qualify.
One-time Grants
A one-time grant for $2,500 to $5,000 and eligibility requirements are as follows:
Businesses must have less than 20 employees
Businesses must have less than $1 million in revenue
Businesses must have been in operation for at least one year
Businesses must have a physical establishment in Cuyahoga County
The owner must be a resident of Cuyahoga County
25% of the businesses’ employees must live in Cuyahoga County
Businesses must have a plan to re-open within one calendar year
Businesses must have experienced more than 50% of revenue disruption due to COVID-19
Businesses must certify that they have applied, or are not eligible, to one of the SBA Disaster Relief Programs through the U.S. Small Business Administration (SBA) at www.sba.gov
Economic Injury Disaster Loan (EIDL)
SBA 7(a) Loan under the Paycheck Protection Program
The county website lists the preferences and other exceptions.
Small Business Stabilization Loans
The Stabilization Fund has loans available from several partners to meet the capital needs of your business. Please fill out the Business Assistance Application to be connected to appropriate lending partners.
Amount
Small Business Loans (1-100 employees): beginning at $5,000
Mid-Size Business Loans (101-500 employees): beginning at $10,000
Eligibility Requirements
Physical establishment in Cuyahoga County
Have been in operation for at least one year
The county website lists the preferences and other exceptions.
The link to the website, application and other information is below.
https://cuyahogacounty.us/development/businesses/small-business-stabilization-fund