Working Capital Loan Program
The Working Capital 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 helps companies that need additional working capital beyond their traditional lines of credit by providing low interest loans. City Assistance is designed to bridge the gap and help the company purchase the inventory and raw materials needed to fulfill orders.
Manufacturing technology related commercial, service, green/sustainable industry or a grocery store
Maximum City assistance is $500,000 and 33.3% of the total project cost
Use of Proceeds
Working Capital for Inventory Purchases
Applicant must provide a minimum of 10% equity
City to have a subordinate lien position on the Project Site and/or UCC lien on business assets. Other collateral may be deemed necessary.
75% of WSJ Prime Rate
Interest only payments for up to twelve (12) months and the loan will be fully amortized for up to seven (7) years for a maximum loan term of ninety-six (96) months