SHAKER LIFE | FALL 2014 7
@ shakeronline
Shaker Means Business
New Pilot Program Opens
Doors for Small Businesses
The City of Shaker Heights has launched a pilot
program aimed at supporting the establishment
and growth of small businesses here. Through a
partnership with Cuyahoga County and the U.S.
Small Business Administration (SBA), this new
pilot program increases SBA lending in Shaker.
Under the program guidelines, the County
contributes $250,000 to match the City’s investment,
allowing the City to make forgivable loans
up to $50,000 (half City funds and half County
funds) to any one business. The business must put
in 10 percent equity or make a similar investment
through payroll or working capital and qualify for
an SBA loan for 75 percent of their project. The
remaining 15 percent equity is supplied by the
City and County pool of forgivable loan funds.
“This could really help us draw some new
and innovative businesses to town,” said Tania
Menesse, director of economic development.
The funds for this loan program come from
those set aside by City Council in the Economic
Development/Housing Fund created with
estate tax revenues received in 2003 and 2005.
Contact Tania Menesse, at 216-491-1334 or
tania.menesse@shakeronline.com.
Save the Date: Bootstrap Bash
January 31, 2015
The wildly successful Bootstrap Bash returns on
January 31 for the benefit of the LaunchHouse
Institute entrepreneurial programming and
educational initiatives for Cleveland-area students.
Shaker LaunchHouse will be transformed
into a one-of-a-kind event space, providing guests
with an opportunity to interact with all areas of
the LaunchHouse Institute. Guests can enjoy a
strolling dinner, dance the night away with live
music, and browse a variety of raffle and silent
auction items donated by local businesses.
Expect to meet high school student-entrepreneurs
showcasing the businesses they
launched during the 2014 LightHouse Entrepreneurial
Accelerator Program (LEAP), mingle with
interesting local entrepreneurs, and participate in
fun entrepreneurial activities.
The LaunchHouse Institute is an initiative
of the Shaker Heights Development Corporation
(SHDC), a community improvement 501(c)(3)
nonprofit corporation created to help the City
realize its vision for the future.
The mission of the SHDC is to enhance the
commercial revitalization efforts of the City of
Shaker Heights in order to strengthen residential
neighborhoods and diversify the City’s tax base.
SHDC envisions an enriched Shaker Heights
community that seamlessly blends an innovative
history into a vibrant future by fostering entrepreneurial
opportunities and stimulating sustainable
economic growth.
Other initiatives of the SHDC:
• The Chagrin/Lee District. The City’s beautification
and revitalization funds, coupled
with private investment, already have
strengthened this rising community and
promise to transform it into a lively district
for residents to work, live, and play.
• The Van Aken Commercial District.
SHDC’s nonprofit status uniquely
positions it to facilitate and support
unfunded components of this sustainable
mixed-use development.
• The Fiberhood. Shaker LaunchHouse
is the hub of Northeast Ohio’s first
Fiberhood – a super-fast broadband
network provided by OneCommunity
that promises to attract tech-savvy