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Cuyahoga County loan program may help small businesses leap the funding gap | cleveland.com

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The Municipal-Small Business Initiative is expected to help small, often minority-owned, businesses overcome the “funding gap” that prevents many from expanding and hiring. The initiative was applauded Tuesday by a roomful of bankers and economic development specialists who gathered for a press conference at the Urban League of Greater Cleveland. “To us, this could really help us draw some new and innovative businesses to town,” said Tania Menesse, the development director for Shaker Heights. Jay Valerien, the senior vice president of Liberty Bank , predicted the pilot program will help many small businesses qualify for loans that they were barely missing out on. Organizers described a program that encourages lending by spreading the risk and responsibility.
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