360 Business Loan Program

The City of Lorain's Department of Building, Housing, and Planning is committed to supporting the success of Lorain's small businesses. We're excited to introduce the 360 Business Loan Program (360 BL), funded by HUD's Community Development Block Grant (CDBG) funds. The 360 BL Program offers low-interest loans with extended terms, aiming to support existing and new businesses in the City of Lorain.

Since 2020, the Department of Building, Housing and Planning staff has worked diligently to design and administer various programs addressing the negative economic impacts of COVID-19 on our small business community as a way to collect data and understand the Lorain business community’s needs. Additionally, BHP Staff administered a “Small Business Resources Assessment” Survey where many of the respondents noted they’re currently experiencing a gap in financing or limitations on capital and would like the City of Lorain to play a more supporting role in the small business community through funding opportunities.

In response, the City of Lorain has decided to launch a low-interest revolving loan program specifically tailored to small businesses looking for financing for the following projects, including but not limited to, façade and interior renovations, repairs, and working capital for gap financing. 

The City of Lorain is accepting pre-applications to serve as a screening tool to invite or deny businesses and provide resources for those who intend to apply for federally funded programs. The pre-application process has been introduced in response to high demand from the business community. It will help City of Lorain staff identify eligible businesses and projects that comply with HUD regulations and local policies before the full application and underwriting process.

Pre-Application for the 360 Business Loan Program