Fairview Park to Use SBA Municipal Matching Grant Funds to Help Small Businesses Impacted by COVID-19
Media contact: Devyn Giannetti: (216) 225-9813; email@example.com
Fairview Park-Cuyahoga County Supplement Business Performance Micro-Grant Aims to Help Keep Businesses Stable
CUYAHOGA COUNTY, OH
– The Cuyahoga County Department of Development has collaborated with the Small Business Administration (SBA) and the City of Fairview Park to adapt an existing small business assistance program to meet the unique challenges brought on by COVID-19.
Fairview Park will now be using SBA Municipal Matching Grant funds to help small businesses citywide through a new program called the Fairview Park-Cuyahoga County Supplement Business Performance Micro-Grant. This grant converts the existing small business performance grant program into a COVID-19 grant program to help stabilize small businesses in Fairview Park. The $85,000 in this fund will be used to issue small grants for businesses waiting for Economic Injury Disaster Loan and Paycheck Protection Program payments to help keep their business stable.
The Municipal Matching Grant fund combines County and municipal funds to make performance grants to small businesses so they can qualify for bank loans insured by the United States Small Business Administration. Fairview Park has used this program in the past to support the growth of multiple small businesses on Lorain Road, including Gunselman’s Tavern, Andrako Insurance Consultants and Gone to the Dogs.
The County and City funds will still be used to leverage SBA insured bank lending but will now go through the Paycheck Protection Program rather than the regular SBA insured bank loan program. This will help more businesses weather this storm and emerge poised to continue their growth.
“Continuing to support small businesses during this time of uncertainty is one of our top priorities,”
said County Executive Armond Budish. “We are grateful for our partnership with the SBA to shift the use of these funds to more directly help the small businesses in Fairview Park that have been affected by this virus.”