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Large Scale Attraction Program


Overview

The Large Scale Attraction Loan Program provides businesses with financial assistance to support their job creation in Cuyahoga County. The Program is available to provide gap financing and incentives for large scale growth and attraction opportunities for communities within Cuyahoga County. The Program targets businesses in select industry clusters that create at least 100, new to Cuyahoga County, full time equivalent jobs with an average annual salary at or above the County median annual wage.

Use of Funds:

  • Land and/or building acquisition
  • Purchase of equipment and/or machinery
  • Building construction and/or renovation costs
  • Working capital

Eligibility:

  • At least 100, new to the County, full time equivalent jobs with an average annual salary at or above the County median annual wage
  • For-profit businesses within the targeted industry clusters
  • Demonstrated ability to repay the loan, maintain adequate collateral and acceptable credit
  • County loan cannot exceed 40% of total project cost
  • Evidence of other funding commitments must be provided

Application and Review:

  • Applications are issued to prospective borrowers after meeting with DOD staff
  • Loan Review/Approval:
    • Applications will be reviewed by County DOD based on but not limited to factors such as: the number of high-value jobs created, level of risk associated with the loan, project readiness
    • After review, applications are considered by the Cuyahoga County Community Improvement Corporation (CCCIC) Economic Development Loan Committee, which can recommend approval of the loan to County Council.

Terms

  • Loan Amount: Up to 40% of Project
  • Interest Rate: 1.00% to 7.00%
  • Term/Repayment: One to three years for working capital, five to 10 years for renovations, seven for machinery and/or equipment, and 15 years for acquisition
  • Forgiveness Terms: Projects that create at least 100, new to Cuyahoga County, full time equivalent jobs with an average annual salary 1.5 times above the County median annual wage OR create at least 300, new to Cuyahoga County, full time equivalent jobs AND are willing to utilize 50% of the loan proceeds with vendors located in Cuyahoga County may be eligible for additional incentivization
  • Security/Collateral/Guarantor(s): Second priority-position mortgage, corporate and/or personal guarantees

Example

AmTrust Financial Services consolidation, expansion and relocation project: The County provided a $3 million low-interest loan to assist with the acquisition and renovation of the former Key Bank Building, located at 800 Superior Avenue, in Cleveland. The project retained 250 FTEs in the County and is projected to create 750 new FTEs in the County.

For additional information:
Arnold Lockett
(216) 443-7260
alockett@cuyahogacounty.us