Retail related business, restaurant or grocery stores that will create at least one full-time W-2 job for the City. Locally-owned businesses that will upgrade the exterior and interior appearance of their storefronts can benefit from the program. Private developers with retail projects, restaurants, cafes and merchants are eligible to apply. Daycares, liquor-only establishments, and religious organizations are ineligible for the program.
Maximum City assistance is $50,000
Use of Proceeds
Eligible activities include:
- Machinery and Equipment
- Furniture and fixtures
- Construction / Renovation
- Architecture, design, and engineering costs
- Exterior building improvements: fencing, signage, and lighting
- IT installation
Applicant must provide a minimum of 10% equity
Collateral: City to have a lien on the Project Site and/or UCC lien on business assets. Other collateral may be deemed necessary. Personal guarantee(s) are usually required.
Interest at 0% during construction then fixed at 3% for the remaining term of the loan up to 5 years. Up to $3,000 of the loan can be forgiven for green/sustainable and energy efficient components. The City will track annually, the job creation progress of the project for the duration of the loan term. The Applicant must also execute a City Workforce Development Agreement—The Workforce Development Agreement is a free service provided by Ohio Means Jobs that works to match unemployed skilled workers with available positions.