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For more information contact:
Cleveland City Council
Katherine Bulava Samsa, Media Relations Manager
(216) 857-7362 |
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| Council to pass legislation to create The Small Business Initiative for Wards 1 & 3 |
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Cleveland City Council will hear legislation to create The Small Business Initiative for Wards 1 & 3 on Monday, June 11, 2007 during the Finance Portion of the Committee on the Whole meeting starting at 9 am.
The Small Business Initiative for Wards 1 & 3 is a program designed to provide greater access to capital for entrepreneurs who meet the normal SBA lending requirements and want to start a business, grow a business, relocation a business or maintain a business in Ward 1 or 3. The program partners SBA's bank loan program and training and counseling programs with a supplemental equity pool supplied by Wards 1 and 3 and the Mt. Pleasant Community Zone. The Hebrew Free Loan Association will also make a no-interest loan available under the initiative.
Council Members Nina Turner, Ward 1, and Zack Reed, Ward 3, worked together to create this program and secure partnerships in order to stimulate growth and interest in the commercial districts of the Southeast Side of Cleveland and provide support to current business owners.
"Stable, locally-owned businesses are essential to the vitality of our community," said Councilman Reed. "We need to continue to find ways to promote economic development within our neighborhoods." |
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Cleveland City Council
601 Lakeside Avenue
Room 220
Cleveland, OH 44114
(216) 664-2840
(216) 664-3837 fax
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