Department of Planning and Development

Economic Development Fund

The City created the Economic Development Fund from CDBG proceeds to provide low interest loans and grants to help stimulate revitalization. With regards to our economic redevelopment efforts, the City of Lakewood has wisely utilized its funds to providing $1.3 million in assistance to fourteen different projects scheduled to offset over $22.5 million in project costs. For every dollar of EDF assistance, the City has generated approximately $17.05 in other investments.

Program Description

Eligible Applicant

Any legal business located in Lakewood or seeking to locate in Lakewood that provides a good or service for sale and has the demonstrated capacity to obtain credit on the private market, under usual and customary terms.

Amount of Financial Assistance
  • One (1) created/retained job for each $25,000 in assistance Project must create/retain jobs with a wage of at least 150% of Federal minimum wages. Jobs to be created must be generated within two (2) years of the start of project.
  • The maximum amount is $200,000.
  • Assistance provided as debt financing; applications may be considered for grants or mixed assistance for highly critical need situations that are also located in areas judged to require such additional financial incentive.
Eligible Use of Proceeds
  • Leasehold improvements
  • Acquisition of machinery/equipment, furniture and fixtures necessary for operation of project (including set-up costs); useful life of three (3) years or more
  • Building acquisition and/or expansion
  • Inventory
  • Working capital for general business operations, although loan assistance from the Business Investment Program must be collateralized to tangible assets.
  • Architectural, engineering and other professional services related to the business' expansion.
Term of the Loan and Rate of Interest

Determined by the needs of the project, the term(s) of other participating lender(s), and the life of the asset(s) being financed.

Other Evaluation Criteria
  • Proposed development or redevelopment plan must be within the context of the City of Lakewood's needs as set forth in the General Objectives of the Business Investment Program
  • Proposed development or redevelopment plan must be consistent with the long‑term objectives of the Lakewood Community Vision
  • Project feasibility; strength of proposed business plan
  • Creation of new full-time jobs
  • Projected increase in payroll from newly-created jobs
  • Retention of at-risk jobs (if applicable)