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Cleveland looks to support black businesses with $8 million in loans #cleveland

The city of Cleveland is looking to support black businesses with a new small business lending program.  The Capital Access Fund (CAF) of Greater Cleveland will focus on creating 300 jobs through “a three-year program providing access to capital through 50 loans totaling $8 million.”  According to a news release, the program has already helped create 70 jobs through 8 loans worth $1.4 million.

The lending program is a collaboration of multiple organizations including “the National Urban League’s Urban Empowerment Fund, Morgan Stanley, National Development Council, Urban League of Greater Cleveland and Cuyahoga County.”  

The CAF will offer two capital options:

  1. Community Impact Loan Fund:  a $2 million startup capital fund from Morgan Stanley and the National Development Council
  2. Grow Cuyahoga Fund: a $2.5 million fund focusing on the Cuyahoga County offering longer terms and lower rates to borrows for job creation.  The fund is a SBA 7(a) Loan Program developed by the National Development Council.

Crains Cleveland

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