The Akron ResiliencyFund is a partnership between WRCF and the City of Akron. Using City of AkronCommunity Development Block Grant (CDBG) funds and philanthropic donations, the fund provides low-cost small business loans between $10,000 and $70,000 to help stabilize Akron’s small businesses. Long term, this fund will continue in perpetuity, supporting growth in the small business community of Akron while encouraging further investment in our local economy.
The Akron Resiliency Fund offers two different loan products. For businesses that are more than 12 months old, loans of between $10,000 and $70,000 are available, and for businesses that are less than 12 months old, loans of between $10,000 and $20,000 are available.
You may download the Akron Resiliency Fund Screening Form here. For questions, you may call our office or email us using the submission form below.
- Are located in designated low- to moderate-income areas of the city. To see if your business is in an eligible area, visit the City of Akron’s Akron Resiliency Fund Location Eligibility Page and enter the business address.
- Have fewer than 50 employees, and at least 25% of those employees are Akron residents.
- Have annual gross revenues of less than $3 million
- Are NOT a not-for-profit organization, or controlled by a not-for-profit organization
- Are NOT engaged in the following business activities: racetrack, casino, liquor store, massage parlor, hot tub facility, country club, golf course, pawn show, payday loans, rental real estate, tobacco or vaping sales, internet café/skills game parlor
- Loans cannot be used towards payroll compensation for the months of March through July if the applicant has received a PPP loan.
Loans Proceeds can be used for:
- payroll expenses
- working capital
- equipment purchase (including reimbursing purchases within the previous six months)
- refinancing existing debt that resulted from legitimate business expenses, and where the interested rate is greater than 20%
- Interest 2.5% (no interest charged for the first 6 months)
- Origination fee 3%
- Payment schedule:
- Months 1-6: $0
- Months 7-12: Interest only
- Months 13-60: Principal and interest payments
Recourse: A UCC lien will be filed against all business assets, including specifically identified equipment as collateral if available. No personal guarantees will be used.
All owners of the business will be subject to a credit check with a required credit score of 500 or higher.
You may use the table below to estimate payments throughout the loan period:
Small businesses should verify eligibility for the Akron Resiliency Fund by entering the business address at the City of Akron’s Akron Resiliency Fund Location Eligibility Page and reviewing the eligibility criteria above. After confirming eligibility, business owners should complete and submit the Akron Resiliency Fund screening form. WRCF staff will review the screening form and send a loan application and request for additional information to the applicant.
Applicants should be prepared to provide WRCF the following information:
- Most recent business tax return
- Business banking statements
- Payroll Reports
- Current balance sheet and statement of activities
- Detailed cash flow projections for the next three years, demonstrating the ability to repay the loan. A template can be provided if needed.
- Proof of liability insurance and workers compensation insurance
- Quotes or invoices for equipment to be purchased with the loan funds, if applicable
- Documentation of debt to be refinanced, if applicable
- Business Plan