The City of Cleveland is prepared to help businesses through the economic impact of the Covid-19 pandemic. The continued vibrancy of Cleveland's commercial corridors is vital to our community. In order to help maintain our business community, and in accordance with Mayor Frank G. Jackson's ReSTART CLE plan, the Department of Economic Development has established an Emergency Working Capital Program loan of up to $25,000.
The Emergency Working Capital Program loan is to reimburse for operating costs (rent/mortgage payments, utilities, and payroll) incurred for the months of March 2020 onward. There are no fees with this application and no closing costs. Interest rate is 0% until January 1, 2022 at which time the interest rate is 1%. Payments are deferred until January 1, 2022. Repayments will be equal to $15/month for every $1,000 borrowed until the loan is repaid.
Operating Costs eligible for reimbursement include rent, payroll, utilities, inventory, and other working capital needs. In order to be eligible for the program the business must have been operating on March 1, 2020 and must demonstrate impact from the coronavirus on cash flow or revenue. Preference will be given to entities that are able to retain and/or restore pre-coronavirus employment, and that show a substantial negative impact on revenues. The application will be subject to credit review. Additional criteria and conditions may apply.
With the lifting of the Mayor’s Emergency Declaration on May 31 and the Governor’s Health Orders on June 2 for most businesses, the Department of Economic Development will no longer be accepting applications for the Emergency Working Capital Loan program and the Safe Operations Grant program after June 11, 2021. Send completed applications directly to firstname.lastname@example.org.
For other federal, state and local resources available for businesses during the Covid-19 pandemic Learn more