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Economy and Business


Cuyahoga County working with banks to back small business loans
County using its' new $100 million economic development fund as a loan guarantee
by WKSU's KEVIN NIEDERMIER


Reporter
Kevin Niedermier
 
In The Region:

To help get small business loans flowing, Cuyahoga County is backing the financial investments a group of local banks have agreed to make. The county is using its $100 million economic development loan fund to guarantee the bank loans if a business defaults. County Executive Ed FitzGerald calls the public/private partnership a unique model that he expects other counties to copy..

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FitzGerald:  “We wanted to make sure it wasn’t a government first and last program. We wanted it also to something where we didn’t just a program where we lectured the private sector that they needed to do more. What we wanted to do was sit down with them, engage with them, figure out how do we complement their own lending practices and procedures in a way that can make more loans, responsible loans, practical for them to put out into the community.”

 

Under the plan, the 8 local banks agree to make $100 million  in small business loans. Cuyahoga County’s economic development fund was created under its’ new county charter, with money saved through cuts made to increase government efficiency……

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