July 14, 2016
The City of Cleveland has partnered with the National Development Council (NDC), the Urban League of Greater Cleveland (ULGC), the National Urban League’s Urban Empowerment Fund (UEF), Cuyahoga County, Morgan Stanley and other private local lenders and foundations to help African American and other minority businesses gain access to capital and technical assistance.
The Capital Access Fund of Greater Cleveland (CAFGC or the “fund”), an $8 million fund was created by this partnership with a simple long term goal, to sustain existing and create additional viable minority small businesses that create jobs for community residents and build community wealth. As the American economy moves forward, the City seeks to partner with other economic and community focused institutions to make sure no one is left behind.
The fund will provide minority businesses with low interest loans from $10,000 to $2 million with terms and conditions that are flexible and patient. Uses of funds include fixed asset acquisition, working capital, and restructuring of debt to better match assets and liabilities. Borrowers will be required to participate in pre and post loan counseling with the goal of providing companies access to expert support and coaching throughout their growth process.
The fund will be launched in early fall and if you wish to know more about the initiative, please contact one of the partnering organizations for more information.
Senior Vice President, NDC
Michael R. Elliott
Program Manager, City of Cleveland
N. Michael Obi
Strategic Consultant, ULGC