Cuyahoga County Small Business Grants – Michelle Madison, owner of Nurturing Excellence Child Enrichment Center, received funding and tuition to start her child care business. (Courtesy of ECDI; Photo by Tariq Tarey) (Courtesy of ECDI; Photo by Tariq Tarey)
, Ohio – Cuyahoga County Council on Tuesday unanimously approved $3 million to help four local nonprofits and credit unions better support minority and women-owned small businesses over the next two years.
Cuyahoga County Small Business Grants
The Ohio Aerospace Institute will receive $1 million in funding. The Community Economic Development Fund and the National Community Development Council (also known as the National Development Council) will each receive $750,000, and Village Capital Corporation will receive $500,000.
Greater Cleveland Covid 19 Rapid Response Fund
While some agencies themselves provide loans from a variety of sources to start or grow small businesses, county money funds “human capital,” as one agency puts it. Its goal is to give entrepreneurs greater access to the technical support they may need to formalize their business plan, work with banks to get a loan, or get one-on-one advice to avoid misconceptions.
Many people may have an idea for a small business but not the business degree or experience to know how to start one, Councilor Cheryl Stevens said after a funding committee meeting on Monday. He said minority business owners still struggle with historical discrimination in lending practices that limit their access to capital.
The county’s expanded small business program “helps level the playing field if you’re a first-generation entrepreneur,” Stevens said.
Michelle Madison, one of ECDI’s clients, is an example of how the program can work to nurture new business owners.
Small Businesses Grants In Ohio
In 2019, she had 35 years of experience working in daycare centers, but she wanted to open her own daycare center. He already had most of the funding he needed and even found a place in Euclid before the flood threatened to destroy his dreams.
Through ECDI, he was able to get a loan to fix the property and also received training to improve his business plan. Not only was she able to open the Meithrin Rhageiaeth child enrichment center in Euclid in the fall of 2020 during the pandemic, but she has since grown her business from serving four children to 33.
“I had all the information about the child care industry, I just didn’t have the resources to put it all together,” Madison said. “Their support made it easier to navigate.”
Today, he is taking training programs to improve his business through social media and create a website.
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The district has supported small, women-owned and minority-owned businesses for years through its resource center, grants and forgivable loan programs, the Small Business Stabilization Fund during the pandemic, and setting goals to ensure subcontractors participate in district projects. justice in recruitment.
“This is another step in that direction,” said Jack Schron, chairman of the Economic Development and Planning Committee. “It’s part of our DNA, it’s part of our culture.”
We may receive compensation if you purchase a product or sign up through one of the links on our website., Ohio – Cuyahoga County to invest $2 million in America’s Rescue Plan Act funds to support small local businesses.
The Cuyahoga County Small Business Incentive Grant Program, approved at Tuesday’s county board meeting, provides grants of up to $50,000 to local businesses with fewer than 50 employees.
Business Assistance Programs
Applications opened Wednesday on the county’s website and will remain open until Sept. 9 at 5 p.m., a county news release said.
The purpose of the grant funds is to help grow businesses in Cuyahoga County that have survived the pandemic. Businesses can use grant money for equipment purchases, payroll, marketing, location expansion, and more.
To qualify, businesses must be located in Cuyahoga County, be in business by June 1, 2020 and have gross revenue of more than $35,000 in 2020 and 2021, according to the county’s website.
The National Development Council reviews applications and makes recommendations to a grant advisory committee made up of nonprofit and government officials for approval. The awards will be announced in the fall of 2022 and “point preference” will be given to minority-owned businesses and companies that have secured foreign investment, the news release said.
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We may receive compensation if you purchase products or register for an account through one of the links on our website. The US Small Business Administration, a federal agency, is now offering low-interest, long-term loans to businesses and other organizations in Ohio. -benefits experiencing financial difficulties due to the coronavirus crisis. (US Small Business Administration)
, Ohio – The Small Business Administration is awarding grants to 51 agencies to help entrepreneurs connect with government resources.
The grants are part of SBA’s Community Navigator Pilot Program and the Biden-Harris Administration. It is an initiative of the American Rescue Plan, which aims to reduce barriers to access to government resources for small businesses, including those owned by disadvantaged groups.
“We need to meet businesses with the resources to start, grow and be resilient, and the Community Navigator Pilot program will provide a network of trusted partners to connect America’s entrepreneurs with the SBA,” Administrator Isabella Casillas Guzman said in a statement. in the news. .
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Scholarship recipients are divided into three stages. Including eight organizations offering support at the national level, 11 at the state or metropolitan level, and 32 organizations offering support at the local level.
According to the SBA website, minority-owned businesses and mom-and-pop shops have been less successful in accessing programs made available during the COVID-19 pandemic.
The purpose of the Community Navigator program is to help small businesses more easily connect with resources such as financial assistance and industry training.
Funded organizations will ramp up operations to support local business owners in the coming weeks, according to the release.
Covid 19: Small Business Resources
We may receive compensation if you purchase products or register for an account through one of the links on our website. Caused by the COVID-19 pandemic.
Small Business Stabilization Grants are one-time grants of $2,500 to $5,000 for businesses with fewer than 25 employees, according to the county.
The grant amount will be decided by the committee based on pre-pandemic revenue and company size. Not all applicants will receive a grant. Unqualified applicants are contacted and referred to lenders who offer low interest loans for business related expenses.
Shortlisted businesses will be contacted and must submit the following documents before receiving an award:
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Enterprises that applied in the first stage, but were not selected for a grant, can fill out a new application and re-apply to the second stage. Enterprises that received grant funds in the first stage of applications are not entitled to receive funds in the second stage. Business owners can only apply for a grant for one business, regardless of how many individual businesses they own.
There is also a small business stabilization loan program for small and medium-sized businesses with up to 500 employees. Loans start at $5,000 and go up to $10,000.
“We’re trying to do everything we can for our small businesses — they’re the lifeblood of our community and they provide tens of thousands of jobs in the county,” said Cuyahoga County Executive Armond Budish.
Anyone with questions about the grants can call 216-452-9714 and speak with someone at the Cuyahoga County Small Business Resource Center.
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Sign up for What Happened Now? – a daily email newsletter highlighting the best news from the Cleveland area each day. Cuyahoga County Business Survey Results: Examining Issues Including Technology and the Impact of COVID-19.
To better understand the challenges and technology challenges facing businesses during the pandemic, Cuyahoga County, Cleveland and several economic development organizations (Economic Community Development Institute, Greater Cleveland Partnership, Cleveland Neighborhood Progress, Urban League of Greater Cleveland, JumpStart), and the Hispanic Business Center) assigned to the Center for Community Solutions to design and analyze business survey results. More than 600 businesses responded to an online survey to help economic development agencies better understand technology challenges and issues facing businesses in Cuyahoga County. The respondents came mainly from small enterprises, especially micro-enterprises with very few employees. They represent a variety of industries, but most are service businesses. The results of this survey include businesses scattered throughout Cuyahoga County.
Questions focus on technology use and needs, business support, and the impact of COVID-19. In addition to the multiple-choice questions, several open-ended questions generated more than 2,000 individual comments.
The survey results show that businesses in Cuyahoga County are very dependent on technology and are using it in a variety of ways. Most Cuyahoga County businesses report engaging in online business transactions with consumers. About half can accept payments from consumers online, and nearly half use at least one money transfer app or tool. More than two-thirds of all businesses use a computer, laptop or desktop to work. Almost