Equipment Loan Program
The Equipment Loan Program funded with Federal Economic Development Administration Title IX funds is designed to assist small-medium businesses who are creating or retaining jobs and looking to expand in the City of Cleveland. The Program offers long term, fixed rate financing for the acquisition of furniture, fixtures, machinery and/or equipment.
Eligibility
Manufacturing technology related commercial, service, green/sustainable industry or a grocery store
Max Assistance
Maximum City assistance is $500,000 and 33.3% of the total project cost
Use of Proceeds
- Machinery and Equipment
- Furniture and fixtures
Equity Requirement
Applicant must provide a minimum of 10% equity
Collateral
City to have a subordinate lien position on the Project Site and/or UCC lien on business assets. Other collateral may be deemed necessary.
Interest Rates
below market rate
Loan Terms
Interest only payments for up to six (6) months and the loan will be fully amortized for up to seven (7) years for a maximum loan term of ninety-six (96) months