Lorain Road Loan Program: Calling all small businesses
Are you a startup business owner looking for funding assistance or an existing business owner looking to expand? If so, the Lorain Road Loan Program may be right for you. In partnership with the Cuyahoga County Department of Development and the Small Business Administration (SBA), the City of Fairview Park is offering a supplemental equity program that supports and promotes Fairview Park’s vibrant, growing small business community.
The Lorain Road Loan Program offers funding assistance to business owners that are considering qualified SBA loan programs for a range of activities. Eligible activities include certain capital expenditures, down payment assistance on property acquisition, new construction, interior renovation, exterior improvements, or permanent equipment. The maximum performance grant is $50,000, but no greater than 15% of the SBA loan value, and must be supplemented by owner equity of at least 10%. Funding through this program will improve loan-to-value and leverage, bridge any potential funding gaps, and facilitate business growth and expansion.
For more information regarding program requirements or to determine if the Lorain Road Loan Program is right for your business, please contact the Department of Development at (440) 356-4499.
Note: This post originally appeared in the City of Fairview Park’s December 2017 electronic newsletter. Click here to sign up for the e-newsletter.