06 Dec The Presidents’ Council Provides Access to the Urban League of Greater Cleveland Capital Access Fund
Last Thursday December 1, 2016 the Urban League of Greater Cleveland announced its $8 million small business pilot, The Capital Access Fund. This fund seeks to provide loans between $10,000 and $2 million dollars to Greater Cleveland minority business owners, creating over 300 jobs in 3 years. In partnership with the Urban League of Greater Cleveland, The Presidents’ Council Business Chamber will make applications to these loans available for all members.
The Capital Access Fund will offer two sources of capital and requires pre & post loan counseling for borrowers:
Community Impact Loan Fund – In partnership with Morgan Stanley, this $2 million loan fund will lend anywhere from $10,000 to $150,000 to African American and other minority small business owners. The loans will be structured to meet the needs of borrowers. These non-Small Business Administration (SBA) loans are an NDC product.
Grow Cuyahoga County Fund – an existing NDC small business lending loan program in conjunction with Cuyahoga County, Ohio ($2.5 million). Average loan size is currently around $700,000, but will eventually be around $300,000. These are SBA “7a” loans, so the loan proceeds may be used to establish a new business or to assist in the acquisition, operation, or expansion of an existing business. The Grow Cuyahoga County Fund offers affordable growth capital with a longer term and lower rate to borrowers who create jobs and investment in our community. In other words, loans with lower rates, a longer term and little or no capital down.