The Lakewood Small Business Grant Program (SBPG) offers local business owners and entrepreneurs seeking to locate in/relocate to the City a 100% forgivable loan up to 15% of total start-up or expansion project costs. Funding is scaled to fill the gap between total project costs and the sum of 75%+ SBA-financing and the business owner’s required 10% equity contribution.

Requirements

• Minimum 10% owner equity contribution
• Minimum 75%+ SBA loan financing
• SBA Small Business Development Center (SBDC) consultation
• New Job creation & reporting

Loan Terms

• Forgiven over 3-5 years
• 0% interest
• No payments

Eligible Uses

• Leasehold improvements
• Real estate acquisition
• New construction
• Exterior building improvements
• Signage
• Selected equipment

*other uses considered on a case-by-case basis

Application Evaluation Criteria

• # full-time equivalent jobs created
• Return on investment (e.g. annual payroll * 1.5% municipal income tax rate)
• Repayment period (# years to repay grant via payroll taxes)
• Owner/entrepreneur’s experience & track record
• Neighborhood/commercial district & overall economic impact

Get started by completing the SBPG Intake Form!

For additional information contact  Dan Wyman @ 216.529.7680 / daniel.wyman@lakewoodoh.net.