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Cuyahoga County launches small business stabilization fund, $4M available for businesses

Downtown Cleveland businesses.
Posted at 9:55 AM, Apr 17, 2020
and last updated 2020-04-17 09:58:41-04

CLEVELAND — There’s some relief for small businesses in Cleveland as Cuyahoga County Board Executive Armond Budish announced the creation of the Small Business Stabilization Fund. So far, there has been $4 million raised in grants and loans that are now available to business in the community.

The fund will make grants to businesses with up to 20 employees and loans for businesses with up to 500 employees.

The grants for small businesses can be up to $5,000 and loans will be given up to $50,000.

“Stores and businesses, especially small businesses are suffering terribly,” said Budish. “You drive or walk around through your neighborhood and it’s just eerie. Almost everything is shut down. Small businesses are the lifeblood of the economy. We must do all we can to help them survive."

County officials hope to have the funds dispersed to small businesses during the week of April 27.

“While the money we raised is great, it’s nowhere near enough to support all the small businesses that need help. We’ll continue to try to enhance the program as we go forward,” Budish said.

First round applications are open and will close on April 24. Apply and learn more info here.

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