You will not only find retail spaces with great development potential in Cleveland vital neighborhoods, you will discover that the City of Cleveland, along with many of Cleveland's leading financial institutions are here to help you with your projects. The City of Cleveland's Department of Community Development offers the following programs:
Established in 1983, the City of Cleveland’s Storefront Renovation Program (SRP), administered out of the Department of Community Development, is an exterior rehabilitation program that combines attractive financial incentives (rebate or loan) with free City design assistance using federal Community Development Block Grant (CDBG) funds. The City partners with the staff of our neighborhood Community Development Corporations (CDCs) to implement the program directly in the neighborhoods.
  • 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.


Small Business Revolving Loan
The City of Cleveland's Small Business Revolving Loan (SBRL) Program may provide low cost loans for the acquisition of fixed assets (land, buildings, and equipment) and/or construction. The loans are funded with UDAG, CDBG or EDA repayment revenues.

  • Eligible Projects: Loans are available to any Cleveland Business for projects that will retain or create jobs.
  • Loan Amounts: Generally, loans are limited to $15,000 times the number of jobs, retained or created, up to 40% of project financing not to exceed $500,000.
  • Rates: 75% of prime, subject to negotiation.
  • Collateral: Lien position on fixed asset(s) subordinated to first position financing.
  • Security: Corporate and/or personal guarantee(s).
  • Terms: Useful life of the pledged asset up to 20 years.


Enterprise Zone Tax Incentive Program
Cleveland will offer a 60% real and personal property tax abatement for business retention and expansion projects located outside the central business district.

  • Eligible Projects: Businesses must meet minimum qualifying investment levels established by State Law and demonstrate that "But For" the abatement the project would not go forward.
  • Investments Eligible for Abatement: Real property improvements (renovation or construction); new machinery; equipment; fixtures; and inventory.
  • Maximum Term: Ten years.


Neighborhood Development Investment Fund
The City of Cleveland's Neighborhood Development Investment Fund (NDIF) is structured to provide gap financing for large scale economic development and housing ventures. NDIF is also used by the City to finance acquisition and site preparation costs associated with industrial and commerce park developments.

  • Eligible Projects: Business expansion or retention projects that preserve of create at least 100 jobs. Projects must be located in a Cleveland neighborhood.
  • Loan Amounts: $500,000 minimum; up to 25% of project financing but no more than $2 million.
  • Rates: Standard rate of 4% fixed, subject to negotiation.
  • Collateral: Lien position on fixed asset(s) subordinated to first position financing.
  • Security: Corporate and/or personal guarantee(s).
  • Terms: Useful life of the pledged asset up to 20 years.

For Additional Information Contact:
City of Cleveland
Department of Community Development
601 Lakeside Avenue, Room 210
Cleveland, Ohio 44114
Phone: (216) 664-2869
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National Association of Industrial and Office Properties

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