A strategic location for innovation.

Financial Incentives Page

BioEnterprise Fund

BioEnterprise provides signifcant financial assistance and investment to qualified bioscience companies by connecting them with bioscience venture capital and private equity firms and working with clients to identify appropriate loans or grant funding opportunities.

JumpStart Focus Fund

This fund offers seed capital in tech companies led by female entrepreneurs and entrepreneurs of color throughout Ohio – as well as those willing to relocate. Fund investments typically start at $250,000 for early stage companies who can leverage capital and IP/technology to achieve transformational growth across industries including medical technology.

North Coast Angel Fund

North Coast Angel Fund invests in early-stage, technology-based ventures. Targeted industries include information technology, life sciences, advanced materials, and electronics and controls. Key funds include Technology Validation and Startup Fund. Typical NCAF initial investment is $250,000 with $200,000 held in reserve for possible follow-on investment.

City of Cleveland Working Capital Loan Program

The Working Capital Loan Program helps companies that need additional working capital beyond their traditional lines of credit by providing low interest loans currently below 3%. City Assistance is designed to bridge the gap and help the company purchase the inventory and raw materials needed to fulfill orders.

City of Cleveland Equipment Loan Program

The Equipment Loan Program offers long-term fixed-rate financing. The minimum interest rate will not be less than the lower of four percent or 75% of the prime rate listed in the Wall Street Journal. Loans can be up to $500,000, however the maximum City participation is 33.3% of total project cost. Loan terms are typically 5-7 years on equipment.

City of Cleveland Econ. Dev. Loan Program

This program offers long term, fixed rate financing. For business financing, the minimum interest rate is currently under three percent, or 75% of the prime rate listed in the Wall Street Journal. The maximum city participation is 33.3% of total project cost. Loan terms are typically 5-7 years on equipment and up to 20 years on land and building. Eligible activities are property acquisition, equipment purchase, new construction and related soft costs.  Loans may be used with private and public funds.

City of Cleveland Vacant Property Initiative

The Vacant Property Initiative helps overcome barriers in the full reuse of abandoned, idled or underutilized commercial and industrial properties within Cleveland. Eligible activities are property acquisition, environmental site assessments, site clearance and demolition, “as is” and “as completed” property appraisals, new construction and renovation.

City of Cleveland Job Creation Incentive Program

The Job Creation Incentive Program is designed to attract new and expand existing businesses in the City of Cleveland. Grant assistance can be applied to new businesses creating five or more new jobs in the City within the first year or for existing businesses with substantial job creation. Eligible applicants may receive grants of up to 0.5% of new payroll to the City for up to three years and may also qualify for an additional $5,000 Moving Assistance Grant.

City of Cleveland Municipal Small Business Incentive

Partnering with U.S. Small Business Administration and Cuyahoga County, this performance grant allows businesses to reduce their equity in a SBA funded project from the required 25% to 10%. The City provides a grant of 15% which is funded half by the City and half by the County. The goal of this grant is to leverage financing to benefit small businesses in the creation of jobs and opportunities in the City of Cleveland.