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Economic Development Loans

The Cuyahoga County Department of Development offers an array of loans that can help your business grow and prosper. See below for all of our programs. If you need more information please call: 216-443-7226 

Micro Enterprise

Summary  Finances Business too small or Established for traditional lenders 
Amount Loan 
Funding Type  $15,000 - $100,000 
Interest  Up to 7.25% 
Time Period    6 to 60 months 
Forgivable  N/A 
Eligibility For profit business in Cuyahoga County with revenues less than $500,000; Credit Score above 600; Current on Taxes, located in Cuyahoga county; Personal Guarantee and Collateral; Must participate in business training and technical assistance 
Use of Funds  Establishment of new business, expansion of existing business, purchase of equipment, machinery, supplies/inventory, start up costs, working capital 
Security   Personal Guarantee and Collateral to secure loan 

North Coast Opportunities

Summary  Early stage funding to accelerate growth and attract investors 
Funding Type  Loan 
Amount  $25,000 - $125,000 
Interest  5% fixed for term of loan* 
Time Period  Interest only payments and principal deferred for up to four (4) years or forty-eight (48) months. Pay off at year four (4)* 
Forgivable  N/A 
Eligibility  Must be high growth, technology company with prospects for raising venture capital; Located in or planning to move to Cuyahoga County; Current on Taxes, located in Cuyahoga county; Must be a JumpStart registered company; Companies engaged in due diligence or received investment more than $1.5 million are NOT eligible 
Use of Funds  Equipment, machinery, supplies/inventory, Prototype development and testing /clinical trials, software development, creating and protecting intellectual property, regulatory approval 
Security  County will secure first position UCC Financing Statement on all company assets in the amount of the loan 

Next Stage

Summary   Invests in companies primed for full commercial launch 
Funding Type Loan 
Amount  Up to $700,000 
Interest  7.0% with a 5 -10% success fee* 
Time Period  Up to 60 months* 
Forgivable  N/A 
Eligibility  Must be high growth, technology oriented company with consistent revenue growth; Must be within 12-18 months of positive cash; Must be located in or commit to move to Cuyahoga County by loan closing, be current on all taxes; Must be a ventured backed company that has raised $5+ million; Must be committed to creating 10-20 new jobs in 3 years 
Use of Funds  Land or building purchase, equipment, machinery, supplies or inventory, building construction or renovation, long-term leasehold improvements, software development, creating and protecting intellectual property, working capital. 
Security Priority lien on business assets and personal guarantees 

Brownfield Community Assessment

Summary   Environmental assessments on eligible properties in Cuyahoga County 
Funding Type Program pays for the service
Amount  Phase I = up to $5,000; Phase II = up to $35,000 
Interest  N/A 
Time Period  N/A
Forgivable  Yes 
Eligibility  Applicant must not be the responsible party (RP) that could have caused or contributed to contamination; Private businesses interested in purchasing site for their business or expansion; Municipalities, CDCs, Non-profit with specific end use may be applicants; Sites with prior commercial, industrial or institutional usage that qualify for the OH EPA VAP; County can not fund sites that are under orders by US EPA 
Use of Funds  All appropriate inquiry Phase I or VAP Phase I, Phase II investigations, soil testing, asbestos survey, lead-based paint inspections, risk assessments, remedial action plans. 
Security "Grant of Access", plus letter of support from City Council. Copies of any former environmental reports. List of parcels and owners. 

US EPA Brownfield Loan

Summary   In conjunction with US EPA, program is for environmental cleanup of eligible properties in Cuyahoga County 
Funding Type Loan 
Amount  Loans up to $500,000 + 20% match; Sub grants up to $200,000 w/20% match 
Interest  Up to 4% 
Time Period 

Max 10 year term

Forgivable  N/A  
Eligibility  Sites with prior commercial, industrial or institutions usage that are eligible for the OH EPA Voluntary Action Program (VAP); US EPA will determine project eligibility; Must own project site, evidence of project viability and funding commitments, demonstrate ability to repay loan, current on all taxes; Responsible Parties are NOT eligible
Use of Funds  Environmental Remediation, confirmation sampling only, costs associated with obtaining a No Further Action (NFA) letter from a Certified Professional  
Security Priority position mortgage 

Redevelopment and Modernization

Summary   Financing for major modernization and improvements of under utilized buildings 
Funding Type Loan 
Amount  Up to $1,000,000 
Interest  Fixed, below market rate 
Time Period  Max 10 year term 
Forgivable  Partially, Up to 35% (Major building upgrades, job creation, use of County vendors)* 
Eligibility  For profit businesses in targeted industry clusters; Demonstrated ability to repay the loan, maintain adequate collateral, acceptable credit, evidence of other funding commitments; Acceptable credit; Current on all taxes; Ability to repay loan, adequate collateral, evidence of other funding commitments; NOT eligible: retail, restaurant, hotel, school, daycare, and similar service businesses and non-profits 
Use of Funds  One (1) job created per $35,000 of funding. Acquisition (max 25% of loan ), asbestos or lead based paint abatement, building renovations, demolition 
Security Second priority position mortgage, corporate and personal guarantees.  

Site Expansion

Summary   Finances environmental clean up of sites adjacent to existing end-users 
Funding Type Loan 
Amount  Up to $500,000 (one job created per $25,000 in funding) 
Interest  0%* 
Time Period  Max 10 year term 
Forgivable  Up to 100%, OH EPA No Further Action (NFA) letter is obtained, requisite jobs created.* 
Eligibility  For profit businesses in targeted industry clusters; Demonstrated ability to repay the loan, maintain adequate collateral; Acceptable credit, Current on all taxes; Must obtain OH EPA No Further Action Letter for cleanup; Evidence of other funding commitments; NOT eligible: retail, restaurant, hotel, school, daycare, and similar service businesses and non-profits 
Use of Funds  One (1) job created per $25,000 of funding. Acquisition (max 25% of loan), environmental assessments and remediation, demolition and site clearance. 
Security Second priority position mortgage, corporate and personal guarantees 

Redevelopment Ready

Summary   Finances environmental cleanup of underutilized sites with or without end users 
Funding Type Loan 
Amount  Up to $1,000,000 
Interest  Fixed, below market rate 
Time Period  Max 10 year term 
Forgivable  Partially, Up to 40% (NFA, job creation, use of County vendors)* 
Eligibility 

For profit businesses in targeted industry clusters; Demonstrated ability to repay the loan, maintain adequate collateral, acceptable credit; Applicant must be borrower and own the property. Current on all taxes; Must obtain OH EPA No Further Action Letter for cleanup; Adequate collateral, evidence of other funding commitments; NOT eligible: retail, restaurant, hotel, school, daycare, and similar service businesses and non-profits

Use of Funds  One (1) job created per $25,000 of funding. Acquisition (max 35% of loan), environmental assessments, remediation, infrastructure (max 15% of loan) demolition and site clearance. 
Security Second priority position mortgage, corporate and personal guarantees 

Business Growth

Summary   Gap financing loans for existing business to stimulate business growth through expansion and job creation 
Funding Type Loan 
Amount  Up to $1,500,000 (max loan 40% of total project costs) 
Interest  Fixed, below market rate 
Time Period  7-10 yrs. on machinery & equipment, up to 15 yrs. on land and building 
Forgivable  N/A 
Eligibility  For profit businesses in targeted industry clusters; Business must have 3+ years of prior financial history; Must demonstrate adequate collateral, credit, capacity to repay loan and current on all taxes; Must provide a minimum of ten (10%) equity. Must show evidence of other funding commitment; NOT eligible: retail, restaurant, hotel, school, daycare, and similar service businesses and non-profits 
Use of Funds  One (1) job created per $35,000 of funding. Land & building acquisition, building improvement and renovations, new construction, machinery & equipment. 
Security Second priority position UCC lien and/ or mortgage on the collateral asset being financed with a LTV up to 90% 

Large Scale Attraction

Summary  

Gap financing loans for large scale growth and attraction. Loan can not exceed 40% of total project costs.

Funding Type Loan 
Amount  Up to $3,000,000 (max loan 40% of total project costs) 
Interest  Fixed, below market rate 
Time Period  5-10 yrs. on renovations, 7 yrs on machinery & equipment, up to 15 yrs. on land and building 
Forgivable  N/A 
Eligibility  At least 100 new to Cuyahoga County jobs with avg salary 1.5 times County median annual wage; For profit businesses in targeted industry clusters. Business must have 3+ years of prior financial history; Must demonstrate adequate collateral, credit, capacity to repay loan and current on all taxes; Must show evidence of other funding commitments; NOT eligible: retail, restaurant, hotel, school, daycare, and similar service businesses and non-profits 
Use of Funds  Land and/or building acquisition, building improvement and renovations, new construction, machinery & equipment. 
Security Second priority position mortgage, corporate and personal guarantees 
 
* All information is subject to change.
Please contact Cuyahoga County Department of Development for additional information. 216-443-7226