City of Painesville Offers New Commercial Grant & Loan Program
Starting in 2022, businesses and commercial property owners in the City of Painesville will be eligible for a variety of funding opportunities made through the Painesville Economic Development Office’s new Commercial Grant and Loan Program.
In 2021, the City received $65,000 from the Lake County Commissioners’ Office through their Community Development Block Grant (CDBG) program and Painesville City Council also set aside $200,000 from the American Rescue Plan Act (ARPA) funding, to help retain local businesses and develop underutilized spaces through storefront grants and forgivable loans.
“It’s been a rough two years with the pandemic, so the goal of this program is to help our local business owners reinvest in their buildings,” said Cathy Bieterman, Painesville Economic Development Director. “We not only want to retain businesses but also spark redevelopment in commercial-ready spaces so any new owners or tenants can come into these spaces and hit the ground running.”
Bieterman noted special priority would be given to vacant and underutilized commercial buildings to turn them back into “white-box-ready” commercial spaces.
Individual businesses and property owners can apply to the city for grant or loan funding for up to $30,000. A minimum 30% match is required for the program. For example, a business applying for a $10,000 grant is required to have a match of $3,000 in order to qualify for the program.
Exterior improvements eligible under the program include awnings, carpentry, lighting, masonry, painting, roofing, signage, windows and doors. Eligible interior improvements include painting or repairing of walls, ceilings, floors, lighting and ADA accessibility improvements.
Any business or property owner interested in the program is encouraged to find more information at www.painesville.com/businessfunding or by calling the Economic Development Office at 440-392-5795.
In 2021, the City received $65,000 from the Lake County Commissioners’ Office through their Community Development Block Grant (CDBG) program and Painesville City Council also set aside $200,000 from the American Rescue Plan Act (ARPA) funding, to help retain local businesses and develop underutilized spaces through storefront grants and forgivable loans.
“It’s been a rough two years with the pandemic, so the goal of this program is to help our local business owners reinvest in their buildings,” said Cathy Bieterman, Painesville Economic Development Director. “We not only want to retain businesses but also spark redevelopment in commercial-ready spaces so any new owners or tenants can come into these spaces and hit the ground running.”
Bieterman noted special priority would be given to vacant and underutilized commercial buildings to turn them back into “white-box-ready” commercial spaces.
Individual businesses and property owners can apply to the city for grant or loan funding for up to $30,000. A minimum 30% match is required for the program. For example, a business applying for a $10,000 grant is required to have a match of $3,000 in order to qualify for the program.
Exterior improvements eligible under the program include awnings, carpentry, lighting, masonry, painting, roofing, signage, windows and doors. Eligible interior improvements include painting or repairing of walls, ceilings, floors, lighting and ADA accessibility improvements.
Any business or property owner interested in the program is encouraged to find more information at www.painesville.com/businessfunding or by calling the Economic Development Office at 440-392-5795.