PARMA, Ohio – A fund set up last month by Cuyahoga County to help stabilize small businesses struggling to keep afloat in the wake of the coronavirus crisis is now ready to distribute money.

County Executive Armond Budish, speaking Friday at a County Health Department coronavirus briefing, said the Small Business Stabilization Fund has more than $4 million from public and private sources to give as loans and grants.

Grants of $2,500 to $5,000 will be available for businesses with up to 20 employees. Loans of $5,000 up to $350,000 will be available for businesses with up to 500 employees.

The nonprofit Economic & Community Development Institute will manage the fund in partnership with Cuyahoga County. More information can be found online at Cuyahoga County’s website.

Cuyahoga County put up $500,000 to start the fund when it was announced in March. Outside partners had pledged to match that by at least 3-to-1.

The fund involves a coalition that includes the KeyBank Business Boost and Build program powered by JumpStart, the Economic & Community Development Institute, the National Development Council, Village Capital Corporation, the Urban League of Greater Cleveland, and the Greater Cleveland Partnership/Business Growth Collaborative.

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