By: Richard M. Bain
This morning Cuyahoga County Executive Budish announced the creation of a small business stabilization fund totaling over $4million to support businesses during COVID-19 pandemic. The Small Business Stabilization Fund will help to support small, neighborhood-based businesses throughout Cuyahoga County during this business crisis. This Stabilization Fund complements Cuyahoga County’s Small Business Resource Center website, www.cuyahogacounty.us/helpforbusiness. The total commitment between both grants and loans for the Stabilization Fund is over $4 million. Grant funds available total $500,000, and loan funds committed to date total more than $3.5 million.
The Cuyahoga County Grants to small businesses from the Small Business Stabilization Fund will be available starting at $2,500, up to $5,000, based on need, as evaluated by a grant committee composed of small business and banking professionals and supported by Cuyahoga County Department of Development staff. Loans will also be available through the Stabilization Fund partners, from $5,000, up to $350,000, depending on underwriting. 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 today at 9:00 a.m. and will close Thursday, April 23 at 5:00 p.m. Grant applications will be reviewed by the Stabilization Fund Team which includes the Grant Committee. 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.
This program is in addition to Federal stimulus programs that we have previously discussed in the Legal Updates page of our website at https://meyersroman.com/category/legal-updates/.
If you have any questions regarding Cuyahoga County’s Small Business Stabilization Fund, please contact Richard M. Bain, Esq. to discuss further.