Cleveland is a bustling city in Northeastern Ohio alongside the gorgeous Lake Erie. Not only does it provide beautiful views, but it also has a bustling business environment for startups, well-established enterprises, and individual entrepreneurs.
From new small business funding to the launch of City Goods’ City Market, Cullen Fischel of Cleveland reports that May 2023 has been a vibrant month for the business sector in this area.
The Centennial Building Project
Downtown Cleveland has been awaiting the Centennial Building for quite some time. Now, it’s finally happening, thanks to the tax credit award, provided by the State of Ohio, that focuses on crafting more work for the region’s union trades.
The Millennia Companies plan to rejuvenate the Centennial Building using the $40 million tax credit, creating between 500 and 600 new jobs for union construction workers.
Since the project began, Millennia Companies has secured over $476 million in federal, state, local, and private funding.
While there isn’t a start date just yet, the 21-story building is expected to begin rehabilitation very soon.
Hingetown Small Business Central Announces City Goods’ City Market
Cleveland is home to many events and festivals, but Cleveland Magazine urges people to prioritize the launch of City Goods’ City Market. From May 13 until September 23, the summer jaunt will occur every second and fourth Saturday.
City Goods plans to bolster its mission with the market, encouraging citizens to shop local by featuring a revolving number of small businesses. In other words, the event acts as a stepping stone for small businesses in Cleveland who may not have a brick-and-mortar store for customers to visit.
The idea was soft-launched last September, but it’s really been picking up the pace this summer, showcasing a diverse range of small businesses for the city’s shoppers. Liz Painter, City Goods co-founder, urges people to keep their eyes peeled for the announcement of the local businesses involved in the market.
New Owner Plans Commercial Development at Hough’s MLK Plaza
Cleveland’s Hough Neighborhood will soon get a face list after Northern Real Estate Urban Ventures, a real estate development firm, purchased Martin Luther King Jr. Plaza.
Located at 9300 Wade Park Avenue, the company reportedly purchased the site for $2.75 million from its previous owner. The firm has plans to build 149 multi-family units, 7,500 square feet of commercial space, and another 6,700 square feet of live/work areas.
The developer and entrepreneur hopes to entice small Black-owned businesses to join the complex using a community ownership model, giving owners the opportunity to purchase shares of the development.
Cleveland Posts New Small Business Grants for 2023/2024
Speaking of small businesses, those based in Cleveland have a wide variety of grants to choose from this year and the next. Some funding amounts are case-dependent, but others, like the Innovation Corps at NIH Program, offer set funding amounts for all applicable businesses.
Depending on the sector, small businesses can take advantage of $50,000 or $75,000 loans to fund their ventures, which will help many get off the ground in 2023.