Loans & Grants for Businesses
Last updated July 8, 2020
Cuyahoga County Small Business Stabilization Fund
Cuyahoga County created a Small Business Stabilization Fund to support small, neighborhood-based businesses impacted by COVID-19. This fund provides working capital to businesses impacted by COVID-19 for business related expenses, including payroll, accounts payable, fixed costs, inventory, rent, and utilities. The grant program is closed, however, there are loan options available. Navigate the available lending tools by consulting the Stabilization Loan Chart. Review the chart to select a lender that best meets your needs. View eligibility requirements.
U.S. Small Business Administration
SBA Economic Injury Disaster Loan (EIDL)
On Monday, June 15, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to small businesses and nonprofit organizations experiencing economic impacts due to COVID-19. The program offers low interest federal disaster loans for working capital. The EIDL Advance provides up to $10,000 ($1,000 per employee) as an emergency grant that does not have to be repaid. Additionally, the SBA has made numerous improvements to the application and loan closing process. Click here to learn more. To apply, click here.
The Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) is a private loan guaranteed by the U.S. Small Business Administration that is designed to provide a direct incentive for small businesses to keep workers on payroll. PPP loans may be forgiven upon meeting set criteria. Small businesses, independent contractors and self-employed individuals are eligible to apply. You can apply through your lender. The deadline to apply for a PPP loan is August 8, 2020.
The PPP has been modified to make it easier for businesses to attain loan forgiveness and new guidance continues to be issued. You can find regularly updated guidance here. Check for updates frequently, and please discuss the details with your business or legal advisors and your lender.
For more information on PPP, see the following resources:
PPP Program Information from the SBA
Frequently Asked Questions for Lenders and Borrowers
Revised PPP Borrower Application (6/12/2020)
Detailed Guidance on PPP from the U.S. Treasury Department
Find a local bank eligible to offer PPP
Debt Relief on Existing SBA Loans
The federal CARES Act provides $17 billion to the SBA to cover six months of loan payments on existing SBA loans, including the 7(a), Community Advantage, 504, and Microloan programs. Visit this SBA webpage and contact your lender for more information.
Federal Reserve Main Street Business Lending Program
The Federal Reserve is offering a new Main Street Business Lending Program to assist small and mid-sized businesses during this economic downturn created by the COVID-19 pandemic. Businesses with fewer than 15,000 employees or with revenues of less than $5 billion are eligible to apply for Main Street loans through an eligible bank. Banks may use Main Street loans to issue new loans or to increase the size of existing loans to businesses. Businesses commit to make reasonable efforts to maintain payroll and retain workers. If you have already applied for the Paycheck Protection Program (PPP), you may also take out a Main Street loan. For more information, click here and talk to your lender.
Additional Private Grant and Loan Options
- ECDI Recovery Loan is designed to provide immediate capital to businesses affected by COVID-19. Businesses must meet all SBA Microloan eligibility requirements to qualify. To learn more about the program and receive an application, email email@example.com or call (614) 559-0115.
- KIVA Cleveland has increased their loan capacity and added a 6-month grace period on payments. Apply here.
- Honeycomb Credit is offering to float possible SBA loans. Loans are crowdfunded and launch in as quickly as 3-4 days.
- Growth Capital SBA Community Advantage Loan Program: As part of the Goldman Sachs 10,000 Small Businesses program, businesses can take out maximum loans of $250,000 with interest up to Prime + 6%. Eligible uses of loan proceeds include: fixed assets (real estate must be 51 percent owner-occupied), leasehold improvements, receivables financing, working capital and debt refinancing. Eligible borrowers are manufacturing, distribution, wholesale, commerce or service for-profit businesses.