DCA works closely with the City of Cleveland to identify businesses in need of assistance. Based on their individual situation, DCA works to connect businesses with the City of Cleveland and the resources available within their Business Assistance Programs. Below are many of the initiatives provided City of Cleveland's
Department of Economic Development.
The program helps a company overcome barriers involved with the full reuse of abandoned, idled or underutilized commercial and industrial properties within Cleveland. Financial assistance could be provided for property acquisition, environmental site assessments, site clearance and demolition, property appraisals, and various new constructions. Buildings must be at least 20 years old and 40% vacant for at least 2 years. Funding is available for private developers/businesses and non-profit CDC’s.
Used to attract new businesses, increase commercial property tax values, and provides greater job opportunities for local, talented individuals. Grants are based on the amount of income taxes generated by the business. Suitable applicants are businesses moving into the City of Cleveland or businesses displaying growth of at least 5 new jobs per year. A grant of up to $50,000 per year for three years is available for eligible applicants.
Eligible applicants are for-profit corporations who are creating new jobs. Loans are long term, fixed-rate financing at an interest rate of 4% approved from a minimum of $35,000 to a maximum of $400,000. Loans can be used for fixed asset financing as well as property acquisition, equipment purchase, new construction and other related costs. Loans are typically 5-7 years on equipment and up to 15 years on land and building costs.
NRAP provides financial assistance to small retail businesses, primarily locally-owned, for the purpose of upgrading the exterior appearance of retail districts. Upgrades include exterior renovation, landscaping, lighting, public art and signage with an emphasis on Green and sustainable designs. Financing is available to private developers and small businesses. Eligible applicants can receive up to $40,000 with a 3% interest rate.
This program is designed to grow and attract new technology businesses. Funding will support development of new job opportunities for local, talented citizens. Eligible companies include software, hardware, medical device, homeland security and several other technology driven companies. Growing technology businesses can receive up to $50,000 per year for three years.
New and existing green technology businesses that create 5 or more news jobs per year are eligible. Primarily, eligible businesses include alternative energy companies, green building product manufacturers, recycled product manufacturers, renewable fuels producers and other related companies. Eligible applicants can receive up to $50,000 per year for three years based on the amount of income taxes generated.
This initiative is designed to create a district on Euclid Avenue containing showrooms geared toward retail/wholesale buyers which will enable a high-end urban experience for buyers from national and local retailers. Eligible applicants can receive up to $350,000 in loan funding with up to 30% forgiveness. There is a maximum of a 1-year term with only 6% interest. Eligible properties include currently vacant retail or commercial space in the Design District with an expectation for job creation.
The goal of this program is to encourage local food system development to ensure every resident has access to fresh, healthy and affordable food. Grants of up to $3,000 will aid in the purchase of tools, display tables and booths, irrigation systems, rain barrels, greenhouse and signage.
A regional funding effort by Cuyahoga County Community Improvement Corporation (CCCIC), the City of Cleveland and the Cuyahoga County Commissioners. Eligible applicants will meet Small Business Administration (SBA) size standards, be a for-profit company in business for at least 3 years, and demonstrate ability to repay the loan. The Fund makes loans ranging from $35,000 to $1 million to use as working capital, for machinery and equipment, acquisition of land and buildings, construction, renovations and tenant improvements.TEST