Cleveland Commercial Loan
The Cleveland Neighborhood Association seeks to assist commercial property owners in the rehabilitation of existing commercial properties.
The guidelines below are subject to change at any time without notice. Grant funds are subject to availability.
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About the Loan
- Fixed 1% APR.
- Loan amounts from $1,000 to $10,000.
- Terms up to 5 years.
Eligibility
- Commercial properties located within the boundaries of the Cleveland Neighborhood.
- Most interior and exterior improvements are eligible, as long as they are for the commercial area of the property or are required for the operation of the business.
Current Rates
Subject to change at any time. APR based on loan amount of $10,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 1% | 5 years | 1% | $17.09 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- Loan amount from $1,000 to $10,000.
- Fixed rate of 1%
- Mixed use properties are eligible, but funds can only be used for improvements to the area used for commercial purposes.
- Not eligible: Residential only properties, pawn shops, adult-oriented entertainment-related properties.
- 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 interior and exterior improvements, major mechanical and energy improvements.
- Not eligible: 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.
- Work may be performed by loan recipient or owners on a “sweat equity” basis. Loan funds may be used for purchase of materials. Loan funds cannot be used to rent tools or equipment, or compensate for labor.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
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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