As a nonprofit certified development company (CDC), Growth Capital provides small business loans to Ohio-based companies with an emphasis on creating Northeast Ohio jobs. The team constantly seeks out helpful small business resources.
We’re proud of our consistent record as Ohio’s top CDC. But nothing makes us prouder than fulfilling our mission to provide creative financing solutions and remarkably better service to growing businesses, helping them feel taken care of and assured.
About this time every year, we take stock of the year before. And even though 2020 posed unprecedented challenges, we’re proud to share that this year we:
- Helped small businesses create 416 new jobs
- Financed $24.3 million in real estate development
- Provided $4.2 million in manufacturing loans
- Provided $44.9 million in funding for Ohio small businesses
The Growth Capital team also stepped up during the COVID-19 pandemic. The federal government launched three rounds of the Paycheck Protection Program (PPP). With each new launch, we moved quickly to help our small business customers make loan applications and obtain loan forgiveness.
With PPP winding down by March 31, our team is helping customers complete applications for the final disbursement of PPP funds and guiding them through the loan forgiveness process.
Next, we’ll connect with small businesses to better understand their current and prospective challenges and opportunities so we can recommend the right mix of loans and resources.
Small Business Loans
The Small Business Administration (SBA) loan program enables small businesses with fixed financing asset needs to obtain long-term loans with fixed interest rates at lower down payments. At Growth Capital, we collaborate with business owners and bank loan officers to administer SBA 504 loans.
These loans are available to finance land building and acquisition, building improvements and renovations, new construction, and the purchase of equipment and machinery. This fact sheet has all the details.
Ohio Regional 166 loans offer term financing for fixed assets for Ohio-based small businesses. These regional loans have lower fixed interest rates and longer terms. Our team reviews and processes these loans, working with commercial loan officers and business owners. This Growth Capital Mission Spotlight shows how a Lorain, Ohio business benefited from a 166 loan.
It’s not always easy for small businesses to get financing. The Community Advantage Loan Program makes this less difficult. Eligible small businesses can borrow as much as $250,000 to buy new buildings, machinery, and equipment, to expand facilities, or to refinance debt.
Small Business Resources
There’s a wide range of small business resources for Ohio-based businesses—and the Growth Capital team maintains relationships with many of them. Here are three that we recommend:
- The Ohio Chamber of Commerce advocates for Ohio-based businesses. The Chamber offers subject matter expertise and opportunities to network and connect with other business owners.
- Just-launched small businesses can benefit by reviewing the Secretary of State’s Ohio Business Road Map. The road map includes the steps to launch a business and a comprehensive list of state agencies and local offices of federal agencies.
- The Cleveland-based Council of Smaller Enterprises (COSE) supports small businesses with mentoring and networking opportunities.
It’s safe to say that 2020 has been a year like no other. (And it’s safe to say that we at Growth Capital hope the worst has passed.)
It’s been our privilege to support small businesses during these challenging times, whether helping with access to PPP loans or connecting companies with helpful resources. We look forward to fulfilling our mission this year and in years to come!
Let us know how the Growth Capital team can help your small business. Call us at (216) 592-2332 or fill out our online contact form.