Lakewood Small Business Grant Program « The City of Lakewood, Ohio -

Additional Information


Lakewood Small Business Grant Program

The Lakewood Small Business Grant Program (SBPG) offers local business owners and entrepreneurs seeking to locate in/relocate to the City a 100% forgivable loan up to 15% of total start-up or expansion project costs. Funding is capped at $50,000 per project and scaled to fill the gap between total project costs and the sum of 75%+ SBA-financing and the business owner’s required 10% equity contribution.

Requirements

  • Minimum 10% owner equity contribution
  • Minimum 75%+ SBA loan financing
  • SBA Small Business Development Center (SBDC) consultation
  • New Job creation & reporting

Loan Terms

  • Forgiven over 3-5 years
  • 0% interest
  • No payments

Eligible Uses

  • Leasehold improvements
  • Real estate acquisition
  • New construction
  • Exterior building improvements
  • Signage
  • Selected equipment

*other uses considered on a case-by-case basis

Application Evaluation Criteria

  • # full-time equivalent jobs created
  • Return on investment (e.g. annual payroll * 1.5% municipal income tax rate)
  • Repayment period (# years to repay grant via payroll taxes)
  • Owner/entrepreneur’s experience & track record
  • Neighborhood/commercial district & overall economic impact

Get started by completing the SBPG Intake Form!

For additional information contact  Dan Wyman @ 216.529.7680 / daniel.wyman@lakewoodoh.net