Information

Eligible Businesses:

• Are located in designated low- and 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 shop, payday loans, rental real estate, tobacco or vaping sales, internet café/skills game parlor.

• If the business has received CARES Act funding to offset expenses incurred within a specific timeframe, Akron Resiliency Fund loans MAY NOT be used to offset these expenses incurred within the same timeframe.

Loan 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 interest rate is greater than 20%

Loan Terms: no interest charged for the first 6 months; 2.5% interest rate for remainder of loan term. Origination fee of 3%. No payments are due for Months 1-6; interest-only payments are due for Months 7-12; principal and interest payments for Months 13-60. You may use the table below to estimate payments throughout the loan period:

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. Additionally, all owners of the business will be subject to a credit check with a required credit score of 500 or higher.

Application Process

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 below. 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

For questions about the Akron Resiliency Fund, you may call our office at 330-762-4776.