Congratulations, Urban League of Greater Cleveland, on 100 Years of Economic Inclusion – and New Small Business Loan Program!
ECC and EC Cleveland congratulate the Urban League of Greater Cleveland (ULGC) – a member of the EC Cleveland Local Council – and its President Marsha Mockabee on the organization’s centennial year, as well as on ULGC’s role in advancing a new loan program for African American- and minority-owned small businesses in Cuyahoga County.
According to Crain’s Cleveland Business, ULGC is one of the community groups that worked with Morgan Stanley to create the Capital Access Fund (CAF) of Greater Cleveland, “a three-year program providing access to capital through 50 loans totaling $8 million.” The program resulted from a collaboration among the National Urban League’s Empowerment Fund, Morgan Stanley, National Development Council (NDC), ULGC and Cuyahoga County, the magazine said, adding that the fund’s goal is to “create or maintain a minimum of 300 jobs” during its three-year duration.
The magazine also reported that the CAF is offering two sources of capital: the Community Impact Loan Fund and the Grow Cuyahoga Fund. “The former is a new NDC product established in partnership with $2 million in start-up capital from Morgan Stanley to support minority small business owners. The latter, an existing NDC product via a Small Business Administration” loan program, “is supported with $2.5 million from Cuyahoga County” and will “offer capital with longer terms and lower rates to borrowers creating jobs and investment” in the county.
Commented EC Cleveland Director SeMia Bray: “Congratulations to the Urban League of Greater Cleveland on 100 years of empowering communities and changing lives! EC Cleveland is proud to partner with ULGC on economic opportunities for local minority businesses and jobs for Cuyahoga County residents.”