April 22, 2020
Applications for the Cuyahoga County Small Business Stabilization Fund, which can be found here, will be accepted until 5pm on Thursday, April 23, 2020. The fund was created in an effort to assist small, neighborhood-based businesses, and it includes both grants and loans.
The money may be used for business-related expenses, including payroll, accounts payable, fixed costs, inventory, rent and utilities.
One-time grants that range from $2,500-$5,000 are available to businesses that meet the following conditions:
- Business must have fewer than 20 employees
- Business must have less than $1 million in revenue
- Business must have been in operation for at least one year
- Business must have a physical establishment in Cuyahoga County
- The owner must be a resident of Cuyahoga County
- 25% of business employees must live in Cuyahoga County
- Business must have a plan to re-open within one calendar year
- Business must have experienced more than 50% of revenue disruption due to COVID-19
- Business must certify that they have applied, or are not eligible, to one of the following SBA Disaster Relief Programs through the U.S. Small Business Administration (SBA):
- Economic Injury Disaster Loan (EIDL)
- SBA 7(A) Loan under the Paycheck Protection Program (PPP)
The following business types will be given preference: service industries (restaurants/bars/personal care services and cosmetology), hospitality, neighborhood healthcare/grocers, general contracting, landscaping. Businesses in low to moderate income census tracts will also be given preference.
Small businesses that employ between 1-100 employees and mid-sized businesses that employ between 101-500 employees are eligible for loans if they meet the following criteria:
- Have a physical establishment in Cuyahoga County
- Have been in operation for at least one year
Loans for eligible small businesses start at $5,000. Mid-size loans start at $10,000.
The following business types will be given preference:
Small business stabilization loans: service industries, hospitality, manufacturing, and neighborhood healthcare
Mid-size business stabilization loans: service industries, hospitality, manufacturing, neighborhood healthcare, IT, automotive, logistics and distribution, and aerospace
Ineligible businesses for both the grant and loan program include businesses that have greater than $5,000 in unpaid real estate taxes owed to Cuyahoga County, adult entertainment, banks, financial services, e-commerce, liquor stores, tobacco stores, cannabis dispensaries, and franchises which are not locally owned and independently operated.
The county will announce the grant recipients on Tuesday, April 28, 2020. Grant funds will be distributed the week of April 27, 2020. Businesses that are applying for loans will receive the loan, if eligible, after completing the loan process.
If you have additional questions, please reach out to us here.