City of Cleveland Programs

The City of Cleveland's Department of Community Development administers The City of Cleveland’s Storefront Renovation Program (SRP).

• Eligible Rehabilitation Costs using the Rebate include: storefront display windows, upper-floor windows, doors, painting or cleaning treatments, above-ground masonry repairs, lighting, exterior security systems, awnings, signage and landscaping, decorative fencing, and irrigation systems and architectural fees up to $3,500.
• Rebate Financial Incentives and Construction Timeframe: Projects completed within the first year of construction are eligible for 40% of the total eligible costs up to a $25,000 rebate.
• The City will commit to the 40% rebate level, AS long as proper guidelines are met, for one year from the signing of the Rebate Agreement. Applicants must fully complete their construction and submit their rebate request to the City within that one-year time period to receive a rebate at the 40% level.
• Projects completed beyond the first year, but within two years from the signing of the Agreement, will be eligible to receive a lower rebate equal to 25% of total costs up to $15,625.

SRP Loan Rates and Lending Criteria:
The SRP loan is available to credit-worthy property owners through private banks and lenders participating in the program. The application process is the same as it is for any commercial loan. However, the SRP loan rate is significantly less than those found in the open market.

• Terms and Percentages (rates subject to change)

  For loans up to $50,000: 4.25% rate + 1% fee with a 10-year repayment term/15-year amortization. (at end of 10 years a balance will be due - paid off as either a balloon payment or refinanced).

  For loans over $50,000 - $100,000: 4.5 % rate + 1% fee with a 10 year repayment term/15 year amortization. (at end of 10-years a balance will be due - paid off as either a balloon payment or refinanced).

Federal Compliance Requirements: SRP projects are required to comply with federal regulations that apply to the use of CDBG funds, as well as local and state laws, including compliance with the City’s building code. All funding for the rebate or loan incentive is competitive, and funds are awarded on a first-come, first-served basis by the City of Cleveland.

For Additional Information Contact:
City of Cleveland Department of Community Development
601 Lakeside Avenue, Room 320
Cleveland, Ohio 44114
Phone: (216) 664-4000

Community Development

Department of Economic Development

Gardening for Greenbacks: Grants of up to $3000 are available for equipment related to growing and selling produce. Members of farmer cooperatives and other community supported agriculture programs that sell food and share proceeds are eligible to participate. Program objectives include ensuring that residents have access to fresh, healthy and affordable food.

Neighborhood Retail Assistance Program: The Neighborhood Retail Assistance program or ‘NRAP’ program is structured to provide grant and loan assistance (up to $40,000) to small retail-related businesses and targets projects which will upgrade the exterior appearance and feel of retail districts. These projects include landscaping, lighting and signage, enhancements which have proven to have a positive effect on the economic vitality, vibrancy, and image of a community. All NRAP applicants must have a letter of support from their Community Development Corporation (CDC) and their councilperson.

*When locating near a CDC boundary it is a good idea to call the CDCs to confirm which CDC covers that area.

The Grow Cuyahoga County Fund: This is a public-private partnership intended to attract new funds to the region. It provides ED incentives including financing for working capital, retail establishments, and restaurants.

Vacant Property Initiative Fund: These loans are designed to overcome barriers to the re-use of abandoned, idled or underutilized commercial and industrial properties. Eligible applicants include private developers and businesses, and non-profit CDC’s.

Economic Development Loan Program: Designed to help companies from across all industries grow and prosper, this program offers long term, fixed-rate financing at 4% interest. This provides a lower debt service on overall financing and can help a company aggressively pursue and execute on their growth strategy.

District of Design Initiative: This initiative is designed to create a showroom district on Euclid Avenue and the streets between East 9th and East 22nd. The goal is to create a high-end urban experience for buyers from national and local retailers. Eligible activities include property acquisition, site clearance/demolition, appraisals, renovations, new construction, leasehold improvements, signage, exterior lighting & improvements, architectural expenses, and permit fees. Funding of up to $350,000 include loan forgiveness incentives. A shared 1st priority lien or letter of credit will be required.

Working Capital Loan Program: This program is designed to assist businesses that have recently had their lines of credit cut. The company must show pending orders that require inventory purchase, have the ability to re-pay debt, and be credit worthy. The City cannot refinance existing debt or fund speculative projects. The loans are for one year and may be extended for up to an additional two years, if the company can show inadequate access to a bank line of credit. The loan will be deferred for 3 months and be amortized over 39 months at 4.25% fixed interest. Maximum loan amount is $200,000. Borrowers may pre-pay the loan without penalty. City participation is 33.3% maximum, and requires at least 10% equity participation.

For Additional Information Contact:
City of Cleveland
Department of Economic Development
601 Lakeside Avenue, Room 210
Cleveland, Ohio 44114
Phone: (216) 664-2406

Economic Development

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