Lakewood Small Business Grant Program Supports the Development and Growth of Local BusinessesDecember 12, 2018
With funding from Cuyahoga County and support from U.S. Small Business Administration, the City of Lakewood established the Lakewood Small Business Grant Program (SBPG) designed to catalyze small business start-ups and expansions. The program offers local business owners and entrepreneurs seeking to locate in Lakewood a 100% forgivable loan up to 15% of total project costs up to $50,000.
“The program’s requirements are very reasonable and the loan terms are attractive,” said John Hudak, Assistant Vice President at Huntington Bank. “I have utilized the Small Business Grant Program recently with a few of my clients with great success. I would recommend it to entrepreneurs seeking financing for start-up or expansion projects.”
The program has received 25 applications and issued the following three forgivable loans to date.
Cleveland Vegan, a full-service café, bakery, and caterer offering nutritious, energizing, locally-grown organic cuisine, received funding to expand its operations into the storefront adjacent to its current location. The project will create 4.5 new full-time jobs.
“We are beyond ecstatic to have been issued a grant from the City of Lakewood for our recent cafe & bakery expansion,” said Laura Ross, owner of The Cleveland Vegan. “The City of Lakewood has been wonderful to work with and we would recommend this program to any new or existing business looking to grow or come to Lakewood.”
Sauced Taproom & Kitchen, a start-up bar and restaurant in the heart of downtown Lakewood, features 50 draft beers, emphasizes local craft selections, and offers a variety of customizable small plates and pizzas. Small Business Grant Program funds will be utilized to purchase a griddle/range combo, a fryer, and pizza oven. The project will create 19 new full-time jobs.
Lakewood Music Academy, which offers a broad range of music education opportunities for children and adults including as well as instrument repair services, has been awarded grant funds to expand its operations to a new location at 16201 Hilliard Road. The project will create 2.5 new full-time jobs.
Funding has also been conditionally committed to Nourish Kitchen & Provisions, a new family-friendly breakfast and lunch restaurant featuring locally-sourced ingredients, and Lakewood Food Truck Park, whose owners are introducing an innovative new dining concept to the Lakewood restaurant scene.
Grant funding is wholly contingent upon the business receiving Small Business Administration-backed financing for at least 75% of project costs and the owner’s minimum 10% equity contribution.
Applications can be accessed at http://www.onelakewood.com/accordions/lakewood-small-business-grant-program/ on an ongoing basis through October 2019.