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 to assist specially impacted businesses.
The Emergency Working Capital Program - Specially Impacted Businesses loan provides a loan of up to $20,000 to reimburse for operating costs incurred for the months of March onward. This program is only open to restaurants, personal care businesses and storefront retail establishments.
There are no fees with this application and no closing costs. Interest rate is 0% until January 1, 2021 at which time the interest rate is 1%. Payments commence as of January 1, 2021 at $150/month until the loan balance is repaid.
Operating Costs eligible for reimbursement include rent, payroll, utilities, and the purchase of personal protective equipment. Up to 50% of the low interest loans ($10,000) is forgivable for costs associated with the purchase of personal protective equipment.
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 unable to access other coronavirus-related capital, able to retain and/or restore pre-coronavirus employment, and that show a substantial negative impact on revenues. Each business will also be required to provide a business sustainability plan which outlines how they anticipate changing and re-orienting their business in response to the changes in operations. The application will be subject to credit review. Additional criteria and conditions may apply.
Eligible businesses should complete the application for the Emergency Working Capital Program and the Supplemental Questionnaire. Applicants who have already applied for the Emergency Working Capital Program do not need to submit the application again, but must submit the Supplemental Questionnaire. 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