Cuyahoga County Creates Small Business Stabilization Fund

Press release from the City of Westlake:

April 17, 2020

Small businesses can now apply for grants from Cuyahoga County’s new Small Business Stabilization Fund, totaling between $2,500 and $5,000, based on need. Loans also will be available through Stabilization Fund partners, ranging from $5,000 to $350,000, depending on underwriting.

Grant applications will be evaluated by a grant committee composed of small business and banking professionals and supported by Cuyahoga County Department of Development staff, according to information provided by the county. More details about grant eligibility is available at Cuyahoga County’s Coronavirus Business Resources webpage: www.cuyahogacounty.us/helpforbusiness.

Small business owners interested in applying for a grant or loan through the Stabilization Fund should fill out the Business Assistance Application at www.cuyahogacounty.us/helpforbusiness.

Applications for the first round of grant funding opened Friday, April 17, at 9 a.m. and will close Thursday, April 23, at 5 p.m. Grant awards will be announced by Tuesday, April 28, and grant funds will be distributed to businesses starting that week.

Applicants who meet both grant and loan criteria will have the choice of applying for a grant of $2,500-$5,000 or applying for a larger loan.

Businesses applying for loans will be connected with appropriate lending partners to go through their normal loan underwriting process. A business may apply for a grant and also apply for a loan if their need is greater than the amount of grant funds available to them.

Small business owners can learn more about the Stabilization Fund and resources available to them by calling the Small Business Resource Center at 216-452-9714 or by visiting the Coronavirus Business Resources webpage on the Cuyahoga County website.

This press release was produced by the City of Westlake. The views expressed here are the author’s own.