Background Information

The Lakewood Start Up and Existing Entrepreneurial Development Program (“Lakewood SEED”) creates a financing mechanism for local entrepreneurs to utilize City funds for interior build-out, furniture, and fixtures to help fill our storefronts with new retailers and offices.

The City’s partner on this program is the WECO Fund, Inc. which is a 501(C)3 non-profit organization.  For more than 35 years WECO has demonstrated success in helping people achieve financial stability and supporting the ambitions of people who want to save money, reduce debt and build wealth.

Lakewood SEED Loan Product

• A business or individual can secure no more than $15,000.

• Matching the CPR boundaries, a business must be located on Detroit Road (with a priority given to those whose business is affected by construction), West 117th Street, Madison Avenue and Berea Road to be eligible.  Although special exemptions may be granted, bars (those whose alcohol sales are greater than 30% of their business), national chains and franchises are generally excluded from participation in Lakewood SEED.

• The loan term can be up to a period of six years.  During the first year, the loan will defer all principal and interest payments.  Principal and interest will begin to be charged at 9% at the start of the 13th month of the loan and continue through the 72nd month.

• The borrower must provide at least 3% equity (of the total loan amount) to the project.  This money should be used toward the processing and administration fee.  Any remaining fee not paid can be rolled into the loan.

• The program can be combined with the existing Commercial Property Revitalization Program.  One program (the storefront renovated or SEED funds expended) must be completed before the other starts.

• Borrower will pay a 2% loan processing fee and a $100 maintenance fee for each year of the loan.