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GRANT AGREEMENT <br />BETWEEN <br />COUNTY OF CUYAHOGA, OHIO <br />AND <br />THE CITY OF LAKEWOOD <br />TO FUND <br />THE LAKEWOOD -SBA SMALL BUSINESS PERFORMANCE GRANT <br />PROGRAM <br />THIS AGREEMENT (the "Agreement ") is made and entered into this I" day of October, 2017 <br />( "Effective Date "), by and between the County of Cuyahoga, Ohio, a body corporate and politic and <br />a political subdivision of the State of Ohio organized and existing under the Charter of Cuyahoga <br />County effective January 1. 2010, as same may be amended, modified, and supplemented to the <br />effective date hereof (hereinafter referred to as the "County "), on behalf of the Department of <br />Development, and the City of Lakewood, a political subdivision, with principal offices located at <br />12650 Detroit Avenue, Lakewood, Ohio (hereinafter referred to as the "Grantee "). <br />WITNESETH: <br />WHEREAS, the County is authorized and empowered by the provisions of Section 307.07 of <br />the Ohio Revised Code, to spend monies from the general fund for economic development purposes; <br />and <br />WHEREAS, the County desires to assist small businesses in the County by providing sources <br />of capital to certain lending and grant programs that help these businesses grow and create jobs; and <br />WHEREAS, the Grantee desires to assist small businesses within its community by <br />encouraging banks to lend capital to these businesses utilizing the SBA loan guarantee program; and <br />WHEREAS, the Grantee also desires to assist said small businesses that have insufficient <br />equity to attract bank lending interest, even when the SBA guaranteed loan program is utilized, by <br />enhancing these businesses' equity position with publicly funded grants to achieve the desired SBA - <br />guaranteed bank loan to the business; and <br />WHEREAS, the Grantee has established the Lakewood -SBA Small Business Performance <br />Grant Program (hereinafter referred to as the "Program "), whereby the City of Lakewood intends to <br />provide performance grants in the form of forgivable loans (hereinafter referred to as the <br />"Performance Grants ") to qualifying small businesses that are seeking SBA - guaranteed bank loans; <br />and <br />WHEREAS, the Grantee has established a Lakewood- Cuyahoga County Credit Enhancement <br />Fund (hereinafter referred to as the "Fund ") pool to provide the capital necessary to make the <br />Performance Grants to qualifying small businesses through the Program; and <br />