Community Reinvestment Area
The City of Fairview Park possesses a citywide Community Reinvestment Area, which provides real property tax abatement for commercial property owners who renovate existing structures or construct new buildings.
Business Recycling Services
The Cuyahoga County Solid Waste District offers free consultation services to assist businesses in decreasing operating expenses by reducing waste and hauling fees. As the District’s Business Recycling Specialist, Doreen Schreiber assists local companies and non-profits with waste reduction and recycling programs and offers quarterly waste reduction seminars for businesses. Schreiber is one of only four people in Ohio certified as a Zero Waste Business Waste Associate through the U.S. Zero Waste Business Council. To engage the District’s free services, contact Doreen Schreiber at 216-443-3732 or firstname.lastname@example.org.
Grow Cuyahoga County Fund
The Grow Cuyahoga County Fund can make loans ranging from $100,000 to $1 million that may be used for any legitimate business purpose, including working capital, machinery and equipment, acquisition of land and building, construction, renovations, and tenant improvements. The loans will generally be at rates of prime minus 2% to prime plus 2%, for terms up to 25 years depending on the proposed use of funds.
Economic Development Loan
The Economic Development Loan provides businesses with long-term, fixed-rate financing at interest rates lower than conventional financing. Loans can be used to finance the acquisition of land, buildings, machinery and equipment as well as for new construction, renovation, expansion, and/or conversion of facilities. Loans generally range from $35,000 to $350,000, up to 40% of total project cost. Loan terms are up to seven years on equipment and up to 15 years on land and building.
Energy Loan Fund
A program that provides low-cost financing to small businesses, manufacturers, and nonprofits for energy improvements that reduce energy usage and associated costs, reduce fossil fuel emissions, and/or create or retain jobs. Eligible activities include energy retrofits, energy distribution technologies and renewable energy technologies.
GrowNOW is a program that enables small business owners to receive up to a 3% interest rate reduction on new or existing small business loans for two years with the opportunity for renewal. Small business owners must commit to the creation or retention of at least one full-time job or two part-time jobs in Ohio for every $50,000 borrowed, up to $400,000.
Ohio Incumbent Workforce Training Voucher Program
This program is designed to assist employer’s in upgrading the skills of its incumbent workforce by reimbursing up to 50% of training costs accrued. The program is first come, first served. Funding will be capped at $500,000 per employer and/or $4,000 per eligible employee.
ReEnergize Ohio is designed to encourage economic growth by helping Ohio’s small businesses improve their energy performance. Improving the energy performance of a business can result in energy cost-savings that offset the costs of implementing the upgrades. ReEnergize Ohio provides up to a 3% interest rate reduction on loans, applies the interest rate reduction on up to $550,000 of a new or existing loan for four years, and requires that at least 50% of the loan proceeds be used for energy-efficient upgrades.
Economic and Community Development Institute (ECDI)
ECDI may be able to help small businesses unable to secure a bank loan. ECDI provides business funding for start-up businesses up to $50,000 and existing businesses up to $150,000.
Growth Capital Corp.
Growth Capital Corp. provides capital financing assistance to small businesses as part of its mission to foster economic growth and job creation in Northeast Ohio. It has been successful in packaging multiple loan programs to help finance business transactions like buyouts and purchases of land, real estate, and equipment.
Nonresidential Energy Assessments
The Council of Smaller Enterprises (COSE) received an award from Dominion East Ohio Gas to provide free energy assessments to Dominion customers who own or occupy a nonresidential building less than 25,000 square feet in size. Assessments are offered on a first come, first served basis to eligible building owners and tenants.