Are you a startup business owner looking for funding assistance or an existing business owner looking to expand? If so, the Lorain Road Loan Program may be right for you. In partnership with the Cuyahoga County Department of Development and the Small Business Administration (SBA), the City of Fairview Park is offering a supplemental equity program that supports and promotes Fairview Park’s vibrant, growing small business community.

The Lorain Road Loan Program offers funding assistance to business owners that are considering qualified SBA loan programs for a range of activities. Eligible activities include certain capital expenditures, down payment assistance on property acquisition, new construction, interior renovation, exterior improvements, or permanent equipment. The maximum performance grant is $50,000, but no greater than 15% of the project value, and must be supplemented by owner equity of at least 10%. Funding through this program will improve loan-to-value and leverage, bridge any potential funding gaps, and facilitate business growth and expansion. Please see below for a detailed description and program materials:

 

Program Description

The maximum performance grant is $50,000, but no greater than 15% of a project’s total cost. Applications will be accepted until all performance grant funds have been allocated. Payments are made once the participating small business meets requirements including, but not limited to, the following:

  1. Business must be located, or in the process of opening a location, on Lorain Road within the City of Fairview Park.
  2. Owner Equity of at least 10%.
  3. Technical Assistance from Small Business Development Center (SBDC).
  4. SBA Loan covering 65-75% of project with a three-year term.
  5. Use must fall under one of the following categories: retail, restaurant, small office, or professional services.
  6. Performance grants may only be used for certain capital expenditures, down payment assistance on property acquisition, new construction, interior renovation, exterior improvements, or permanent equipment.
  7. Create two (2) full time-equivalent (FTE) jobs and maintain jobs for a period of three (3) years from business opening.
  8. Required reporting of job creation.

 

Your First Step:

Contact the Department of Development. If you are interested in this opportunity we can help you determine if the Lorain Road Loan Program is right for your startup or expansion. Please call (440) 356-4499 or email Monica.Rossiter@fairviewpark.org.

 

Program Materials:

 

Other Links:

 

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