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Posted On: 8/8/2017

Cuyahoga County Invests Additional $850,000 in Neighborhood Small Business

 


Media contact(s):

Donisha Greene, (216) 443-7075; dgreene@cuyahogacounty.us


CLEVELAND
– Today, Cuyahoga County Executive Budish announced the expansion of the highly successful matching grant program for small business growth, in partnership with the U.S Small Business Administration.  Cuyahoga County will award $150,000 each to the cities of Cleveland Heights, Fairview Park, Lakewood, and Maple Heights.  Cuyahoga County will also add $250,000 to an existing matching grant award to the City of Cleveland. These funds will leverage millions more dollars in private funds. 

“Providing jobs for our residents and economic opportunities for our neighborhoods is critical,” said County Executive Armond Budish. “The expansion of this program is another commonsense step that allows us to connect more cities and small businesses with the capital they need to succeed.”

"Our partnership with the SBA is a core component to our strategy to create a value for our municipal clients and a continuum of capital for our small business formation and job creation." said Ted Carter, Cuyahoga County Chief Economic Development and Business Officer. “We look forward to expanding this to other communities.”

The first phase of this matching grant program awarded $500,000 to the City of Cleveland and $250,000 to the City of Shaker Heights for matching grants.  Each city matched the County’s award, dollar for dollar.

This initial investment of county and city funds leveraged over $11 million of bank loans to 30 small businesses, creating 55 new jobs and retaining 96 existing jobs in these growing companies through the end of calendar year 2016. As a key part of the matching grant program, this also included support for women and minority owned businesses, assisting 13 women owned companies and 11 minority owned companies. 

Certified by the Small Business Administration, Small Business Development Centers gave free technical help to each participating small business to help them plan for and manage growth.

“We are very glad that the County is expanding this important economic development initiative beyond the two pilot cities of Shaker Heights and the City of Cleveland,” said Gil Goldberg, U.S Small Business Administration District Director.  “The expansion of the funds from the County coupled with $50,000 from each of the four additional municipalities will provide Cleveland Heights, Fairview Park, Lakewood, and Maple Heights with a pool of $200,000 that will be leveraged with SBA loans to provide a total economic impact of $2 to $3 million in funding for small businesses in each of the four inner-ring suburbs.  We look forward to working with these four new suburbs and anticipate that over the next few years that we will be able to extend the Initiative to other inner-ring suburbs.”