Urban League of Greater Cleveland | Urban League of Greater Cleveland announces new $8 million loan fund
The Urban League of Greater Cleveland is dedicated to providing equal opportunities for African-Americans and other minorities to develop and exercise their potential on par with all other Americans through education, research, advocacy and provision of services.
Urban League of Greater Cleveland, Urban League Cleveland, Cleveland Urban League, Cleveland Non-Profit, Cleveland Youth, Cleveland Education, Guild, ULGC, Capital Access Fund, Minority Loans, Minority Business, UBIZ, MYCOM, Cleveland Workforce Development, Greater Cleveland, African American Cleveland, Small Business Training, SBDC, MBAC, Minority Business Assistance Center
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Urban League of Greater Cleveland announces new $8 million loan fund

Urban League of Greater Cleveland announces new $8 million loan fund

CLEVELAND, Ohio – Shonnetta Hill has owned daycare facilities for 17 years, but two years ago when a line of credit wasn’t refinanced, and a lender called in a note, a series of events led to her facing possible bankruptcy.

Hill, owner of two Learning to Grow Inc. childcare centers in Midtown and North Randall, runs a business that’s open seven days a week catering to low-income families in need of flexible hours.

“I tried several other banks, but I kept getting turned down,” said Hill, 47. “The bank cross defaulted all of my loans and wanted to foreclose the business. I sought out different avenues to see if someone would take over the loans. I never gave up.”

Hill said she spent months online googling all sorts of organizations and loan programs, and somehow she found the Capital Access Fund. It’s a new three-year program that provides Greater Cleveland minority business owners with access to capital. Hill landed a $1.2 million loan that allowed her to consolidate five loans into one, saving $28,000 a year.

“It saved 40 jobs because I have 40 employees between both locations, and it saved 174 child care slots for low-income families,” she said. “If it wasn’t for the Capital Access Fund we would be out of business. Those jobs would be lost and families would be without reliable childcare.”