Why Take Small Business Loans In Cleveland Ohio?

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  2. Why Take Small Business Loans In Cleveland Ohio?

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Small Business Loans Cleveland Ohio

A lot of news has broken surrounding financial assistance in the last few months. Federal and local aid is available for small businesses. But the extent to which they can help your business is limited.

Grants are available to some businesses. But to be able to get them, there are a few restrictions. After that, there are strict limitations on how you may use the funds. So, what are some of the options you have if you’re looking for aid?

Cleveland Ohio Grants

Job Creation Incentive Program

The Job Creation Incentive Program is your first option. It’s meant to attract or retain businesses that employ Cleveland locals. You need to create or retain least 5 full-time W-2 jobs in the city to be eligable.

If you’re approved, you’ll get up to 0.5% of new payroll created for the City of Cleveland for up to 3 years. You can also get a $5,000 Moving Assistance Grant if you’re moving your business into the city.

Tech Delta Program

The Tech Delta Program is for local businesses running a small medical or tech company. The grant program may is a good choice if you want to relocate or expand your business inside the City of Cleveland. You then have the opportunity to receive $5/square foot up to $50,000.

To be eligible, your company must create at least 5 new full-time jobs in Cleveland. The proceeds of the grant can be used for construction, renovation, lab space, or tech buildout.

Municipal Small Business Initiative

Cleveland can provide a grant of 15% of project costs for SBA-funded projects. Half of the funding comes from the City of Cleveland. The other half comes from Cuyahoga county.

To be eligible, your business must create at least one permanent, local job per $35,000 provided. You must also be eligible for an SBA-backed loan.

Why Take Small Business Loans In Cleveland Ohio?

The grants provided for Cleveland businesses are great. But their not usually as comprehensive as you’d imagine. If one of these grants handles your current needs, that’s great. You should go ahead and apply. But for larger projects or serious working capital issues, you’ll need a larger loan. You’ll often also need the loan faster.

Small Business Loans Cleveland Ohio

Many alternative lenders are able to approve loans quickly. Their credit score and other requirements will also be more lenient. If you have bad credit, you should look into the better, more trusted lenders. Here are a few great options to look into. Ohio businesses can take advantage of these faster and simpler options.

PayPal LoanBuilder

LoanBuilder is PayPal’s lending service.

LoanBuilder has some of the clearest pricing and standards you will find from alternative lenders. You can quite literally build your own loan using the LoanBuilder Configurator. They’re transparent with their offers and can lend you anywhere from $5,000 to $500,000. They offer short repayment terms of just13 to 52 weeks. Larger loan sums and longer terms are available to businesses that qualify for them.

LoanBuilder loans are available to business borrowers with credit scores of 550 or more. You also need an annual revenue of $42,000 to qualify. This is one of the laxest revenue requirements you will find for the rates they offer.

Lender Minimum Revenue Time In Business Minimum Credit Next Steps
$42,000/yr 9 months 550+ See if you qualify

FundBox

FundBox is especially lenient with their business loans provided you invoice your customers. They provide installment loans and lines of credit to business borrowers with credit scores of at least 500.

Like most alternative lenders, FundBox is very fast. You typically receive your funding the first business day after you get approved. You can then repay early to save on interest expenses if you’d like.

Lender Minimum Revenue Time In Business Minimum Credit Next Steps
$25,000/yr 3 months 500+ See if you qualify

Capital Source Group

Looking for local financing, but don’t know where to start? Capital Source Group is a business loan brokerage firm based in Ohio City. The firm provides businesses in Ohio with the financing they need. They have access to a network of over 70 lenders for a wide range of borrowers. Find out what they can match you with the loan you need by filling out their short questionnaire.

Not sure where to go for a business loan? Read these quick & helpful guides:
Check out our preferred marketplace lenders.

Lender Minimum Revenue Time in Business Minimum Credit Next Steps
$10,000/mo 6 mo. 550+ See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$75,000/yr 24 mo. 620+ See if you qualify
Varies Varies 560+ See if you qualify

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