The Lakewood Small Business Grant Program (SBPG) offers local business owners and entrepreneurs seeking to locate in/relocate to the City a 100% forgivable loan up to 15% of total start-up or expansion project costs. Funding is scaled to fill the gap between total project costs and the sum of 75%+ SBA-financing and the business owner’s required 10% equity contribution.
- Minimum 10% owner equity contribution
- Minimum 75%+ SBA loan financing
- SBA Small Business Development Center (SBDC) consultation
- New Job creation & reporting
- Forgiven over 3-5 years
- 0% interest
- No payments
- Leasehold improvements
- Real estate acquisition
- New construction
- Exterior building improvements
- Selected equipment
*other uses considered on a case-by-case basis
Application Evaluation Criteria
- # full-time equivalent jobs created
- Return on investment (e.g. annual payroll * 1.5% municipal income tax rate)
- Repayment period (# years to repay grant via payroll taxes)
- Owner/entrepreneur’s experience & track record
- Neighborhood/commercial district & overall economic impact
Get started by completing the SBPG Intake Form!
For additional information contact Dan Wyman @ 216.529.7680 / email@example.com.