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Frequently Asked Questions (FAQs)

Business Program FAQ's
What can Economic Development Loan funds be used for?
What can Economic Development Loan funds be used for?
Are there any special security requirements for the business owner and business upon approval of a county economic development loan?
What is entailed in the application process and how long does it take?
How will my business be billed for loan payments?
What if my business does not create the number of jobs stipulated in the loan agreement with Cuyahoga County within the given time period?
What paperwork is required after the County loan funds have been disbursed?
Are there other requirements?
Down Payment Loan FAQ's
What documents must be submitted to the county for the Down Payment Assistance Program?
How long before closing should a down payment assistance application be submitted?
What if the city code violations are still being repaired at the time of application to the down payment assistance program?
Can city code violations be assumed by the borrower?
What if the borrower has not yet taken their required home maintenance training class?
What kind of first mortgage is allowed under the down payment assistance program?
Can points be charged?
Can this program be used to buy a condominium?
Loan Subordination FAQ's
What is a loan subordination?
Why do I need a subordination?
Why does the County care if I refinance my mortgage?
How do I get my subordination agreement?
Will my subordination be approved?
How long will my subordination take?
Do I need a subordination to take out a home equity loan?
Commercial Redevelopment Fund FAQs
Can I use the CRF to expand my existing business?
Can I use the CRF for demolition?
I would like to purchase a vacant building in my neighborhood. Can the CRF help?
When can I apply?
What is the interest rate and term?
When do repayments begin?
How is the loan forgiven?
Does the project need to be LEED certified in order to receive the green/sustainable forgiveness?