Small companies in Lakewood, from start-ups to those that are well-established, now have a new funding source to help grow their businesses. City officials have allocated Community Development Block Grant funding to create and retain permanent jobs at for-profit companies. The amount of the CDBG loan pool is about $75,000 and business owners can apply for loans up to $35,000.
For a business to be eligible, 51 percent of the employees who are hired through the loan program must be low to moderate income and the business must create at least one new job within two years for every $35,000 borrowed.
Additionally, businesses need to be defined as a microenterprise, which is a company with five or fewer employees (one of which can be the owner) and need to be located within the city limits.
In addition, there is a $12,000 Technical Assistance Grant Program designed to help small businesses with all aspects of starting and running a business, including marketing, management, finance and strategic planning.
The above posted story is reprinted with permission from the Business Examiner.