CUYAHOGA COUNTY, OH — Cuyahoga County is working with partners from across the region to continue deploying millions of dollars through a Small Business Stabilization Fund to support small neighborhood-based businesses that have been impacted by the ongoing COVID-19 pandemic.
Due to the continuing need, the County has partnered with Cleveland Neighborhood Progress to launch the third round of applications. The third round will deploy $4 million in grants of up to $10,000, adding to the over $6 million previously deployed in the first and second rounds of the fund.
Cuyahoga County’s contribution will be funded through the County’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act). County Executive Armond Budish sought and received approval from Cuyahoga County Council President Dan Brady to release the $4 million in funding as part of the County’s Emergency Purchase Request process.
Small businesses will be able to apply for an additional $4 million in grants, with grant awards up to $10,000. Grant amounts will be determined by a grant committee based on review of eligibility requirements as well as company revenue and employee size. Small businesses with up to 25 employees are eligible for grants. Businesses that cannot receive a grant based on the requirements will be referred to lenders who are offering loans to help for business-related expenses.
“The coronavirus is continuing to negatively affect the health of our residents and the economic well-being of our local businesses,” said County Executive Armond Budish. “We hope that these funds will help with business-related expenses and ultimately help keep the lights on. I appreciate our partnership with Cleveland Neighborhood Progress and their continued dedication to dispersing these funds to those in need.”
The third round of applications for grants will open Monday, November 23 at 10 a.m. and close on December 3 at 5 p.m. Grants will be awarded and distributed shortly after. Businesses can apply for a grant, as well as be directed to lenders, by completing the Stabilization Fund Application on the Cuyahoga County’s Stabilization Fund webpage cuyahogacounty.us/stabilizationfund, which will go live on Monday.
Businesses who are eligible for a grant will be contacted for further information and must submit the following documents to receive a grant award:
- Copy of most recent business bank statements generated within the last 30 days
- Articles of organization from the Secretary of State website
- Driver’s license front and back photo of government issued ID
- Signed W-9
- Bank account information
Cleveland Neighborhood Progress will administer the third round of grant deployment through the Stabilization Fund in partnership with Cuyahoga County.
“Cleveland Neighborhood Progress applauds the County’s consistent commitment to its small businesses,” said President and CEO of Cleveland Neighborhood Progress Tania Menesse. “We are honored to serve as grant program administrator for the third round of the County’s Stabilization Fund. Our small businesses, who are the lifeblood of our neighborhoods, continue to face financial hardship as a result of COVID-19. Therefore, we remain as committed as ever to a quick and efficient distribution of this critical funding for small businesses during this challenging time.”
About the Stabilization Fund
The Stabilization Fund provides working capital to businesses severely impacted by COVID-19 for business-related expenses, including payroll, accounts payable, fixed costs, inventory, rent, and utilities. Outcomes of the Stabilization Fund include business stabilization, job retention, positioning for long-term recovery and support of minority and neighborhood-based businesses.
Small Businesses with less than 500 employees can apply for flexible loans through the Stabilization Fund as well. Businesses who are applying for loans, including those not eligible for a grant, will be contacted and connected with lenders who are offering low-interest loans to help for business-related expenses. They will also be connected to the Small Business Resource Center for technical assistance. They will be notified on further steps to complete the loan process and approval by a lending partner.
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 Stabilization Fund webpage on the Cuyahoga County website.
About Cuyahoga County
Cuyahoga County is focused on Economic growth and Opportunity, Fairness and Equity and a Government That Gets Results. We believe that we can create and support a vibrant and prosperous region where everyone thrives and all things are possible. For more information on Cuyahoga County please visit cuyahogacounty.us. Follow us on social media: Facebook: https://www.facebook.com/CuyahogaCounty Twitter: https://twitter.com/CuyahogaCounty Instagram: https://www.instagram.com/cuyahogacounty/ and sign up for our newsletter: https://cuyahogacounty.us/county-news/newsletter-registration.
About Cleveland Neighborhood Progress
Neighborhood Progress is a local community development funding intermediary with over thirty years of experience investing in community revitalization work in the city of Cleveland. It serves a unique function as the only local intermediary in the region and is proud to be nationally highlighted as a leader for engaging in best practices in various facets of nonprofit programming. The Board and staff strive to lead industry partners on new and existing initiatives to improve the quality of Cleveland’s neighborhoods and the quality of life for Cleveland’s residents. For more information on Neighborhood Progress, please visit www.clevelandnp.org.