Cleveland Commercial Grant
The Cleveland Neighborhood Association has funds available to improve commercial properties in the Cleveland neighborhood.
he guidelines below are subject to change at any time without notice. Grant funds are subject to availability.
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About the Grant
- No income limit.
- Grant amounts from $1,500 to $3,000.
- Recipient must match each grant dollar with a dollar of their own (1:1 match). Match may come from the Cleveland Commercial Loan.
Eligibility
- Commercial properties located within the boundaries of the Cleveland Neighborhood.
- May be individual or a business entity registered w/ the MN Secretary of State.
Loan Details
- Grant amount from $1,500 to $3,000.
- Recipient must match each grant dollar with a dollar of their own (1:1 match). Match may come from the Cleveland Commercial Loan.
- No income limit.
- Properties that aren't eligible: Residential only properties, pawn shops, adult-oriented entertainment-related properties.
- Mixed use properties are eligible, but the grant funds can only be used for improvements to the area used for commercial purposes.
- May be individual or a business entity registered w/ the MN Secretary of State.
- Property taxes must be current.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- Eligible: Most exterior improvements, major Mechanical and energy improvements.
- Not eligible: Interior remodeling or work initiated prior to the grant being approved and closed, unless due to an emergency. No recreation, luxury projects, furniture, skylights, non-permanent appliances. Funds for working capital, debt service or refinancing existing debts are NOT allowed.
- Work can be performed on a “sweat equity” basis. Loan funds cannot be used for labor, only for materials.
- 1 bid from qualified licensed contractor for each project.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
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