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 the Restoration Working Capital Program.
The Restoration Working Capital Program loan is to reimburse for operating costs and is open to large (more than 30 employees) and small businesses to assist with eligible costs including accounts receivable, rent/mortgage payments, utilities and payroll incurred for the months of March onward. Businesses can receive low interest loans of:
- Up to $100,000 for businesses for more than 30 employees;
- Up to $25,000 for other businesses;
- Additional resources are available through our EDA Working Capital Loan Program for companies with additional need.
Repayment is deferred until January 1, 2021. Payments are interest only (2%) for the first year followed by five years of principal and interest. Personal guarantees and/or UCC business liens may be required.
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. The application will be subject to credit review. Additional criteria and conditions may apply. Send completed applications directly to email@example.com.
For other federal, state and local resources available for businesses during the Covid-19 pandemic Learn more