• Advocacy Team

A Running List of Financial Resources for your Business

Updated: Apr 15

Check here for a running, updated list of financial resources and opportunities for businesses.

  • SBA Paycheck Protection Program (PPP) Loans provide cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. Any business that employs no more than 500 employees per physical location is eligible. All current SBA 7(a) lenders are eligible lenders for PPP. Learn more here.

  • SBA Economic Injury Disaster Loan offers up to $2 million (maximum loan amount may vary depending on funds available) in assistance to small businesses to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The SBA has added an ADVANCE of UP TO $10,000 on this loan, at the rate of $1,000 per employee. Funds targeted to be made available to the borrower within days of completing a Disaster Assistance Loan application; the loan advance will not have to be repaid if funds are used for payroll, even if the Disaster Loan is ultimately not completed. Learn more here.

  • SBA 7(a) Loan is a loan guarantee program that can be used for any business purpose. The SBA guarantees a portion (typically 75%) of the loan, making this most useful in borderline cases.

  • City of Cleveland Emergency Working Capital Fund. The City of Cleveland is offering a loan to cover operating costs incurred for the month of March onward. Loans will have no fees and no interest or payments due until January 1, 2021. Payments will be $150 per month until repaid. Maximum loan size is $10,000. Businesses must have been operating in the City of Cleveland as of March 1, 2020. Interest rate of one percent beginning on January 1, 2021. NOTE: The City has also approved payment deferral for existing City business loans. Payments can be deferred until October 1, 2020 with no penalty. Contact your loan officer for details. Learn more here or contact economicdevelopment@clevelandohio.gov.

  • Growth Capital SBA Community Advantage Loan Program is part of the Goldman Sachs 10,000 Small Businesses program and has a max loan of $250,000 with up to Prime +6% interest. Eligible uses include fixed assets (real estate must be 51% owner-occupied), leasehold improvement receivables financing, working capital and debt refinancing. Eligible borrowers include manufacturing, distribution, wholesale, commerce or service for-profit businesses. Learn more here or contact Growth Capital Corp. at 216-592-2332.

  • Honeycomb Crowdfunded Small Business Relief Loan includes a 45-day payment-free period, six-month interest-only periods and reductions of their posting, success, and investor fees. Loans generally range between $10,000 and $50,000, but it is possible to apply for larger loans. Businesses must generally have been operating for greater than one or three years depending on the amount they are applying for. Interest ranges between 7.5 and 10%.

CLICK HERE to learn more about these resources and the latest information from GCP.

We recommend that you reach out to your primary lender or other traditional banks to ask about COVID-19 resources. There may be loans, payment deferrals, and other resources available through these institutions.

For resource assistance or to share the impact of the outbreak on your company, we ask businesses to complete our business impact survey. A member of our business services staff will reach out to you within 48 hours in you indicate you would like to be contacted.

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1240 Huron Road East, Suite 300

Cleveland, Ohio 44115

(216) 592-2208