The Capital Access Fund of Greater Cleveland (CAF), an $8 million loan fund started in 2016, was created to provide primarily African American and other minority small business owners with access to capital and technical assistance in order to sustain or create additional viable businesses that will create jobs and wealth in the Cleveland market. The City of Cleveland partnered with the National Development Council (NDC), the Urban League of Greater Cleveland (ULGC), the National Urban League’s Urban Empowerment Fund (UEF), Cuyahoga County, Morgan Stanley and other private local lenders and foundations. As of mid - November, CAF has approved $3.8 million in loans, helped to start 26 new businesses, and created/retained 443 jobs.
John and Amonica Davis, Founder of Service by Davis, have been able to grow their business to be one of the most successful industrial and commercial janitorial service providers in Northeast Ohio. In order to digest the company’s fast growth, John and Amonica worked with the Urban League of Greater Cleveland and the Capital Access Fund to secure a low-cost loan.
The loan was used to refinance existing debt, which will increase cash flow and allow them to comfortably continue to expand their business in the Greater Cleveland area. This expansion helped to create/retain nearly 10 jobs!
