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$560,000 IN LOANS/GRANT TO BENEFIT EIGHT CLEVELAND BUSINESSES AND CREATE NEW HOUSING UNITS IN THE CITY'S WAREHOUSE DISTRICT

$560,000 IN LOANS/GRANT TO BENEFIT EIGHT CLEVELAND BUSINESSES
 AND CREATE NEW HOUSING UNITS IN THE CITY'S WAREHOUSE DISTRICT
 CLEVELAND, May 5 /PRNewswire/ -- Mayor Michael R. White and George S. Brookes, chairman of the Cleveland Citywide Development Corporation (CCDC), today announced the approval of seven City Economic Development loans and a grant to strengthen local business activities. The loans and grant have been submitted to City Council for approval.
 "The Cleveland Citywide Development Corporation and our Economic Development staff have come to the aid of our local business owners who want to expand, update operations and remain competitive in today's marketplace. Cleveland continues to buck the national economic trend in business and housing, and I'm proud that the City's efforts are paying off," said White.
 According to Brookes, the $560.000 in City investment will be matched with nearly $7 million in outside investment generating 141 new jobs, 53 of which will be minority jobs. It is anticipated that $128,000 of new taxes will be generated annually. A total of 40 new housing units will also be created.
 The seven City Economic Development loans approved by CCDC include:
 -- Flow Polymers, Inc., located at 820 West Superior Ave., was granted $140,000 to acquire new machinery and equipment. The loan will enable the company to increase productivity and meet the needs of their customers. The project will create 14 new jobs.
 -- Custom Rubber Corporation, located at 1274 East 55 St., was approved $110,000 to acquire and modernize the company's machinery and equipment. A total of 10 new jobs will be created.
 -- West Fourth Associates Limited Partnership, was granted $100,000 to acquire an renovate the Capital Clothes, Cornell and Kentley buildings, into a 40 suite apartment project, consisting of 31 one-bedroom units, eight two-bedroom units and one townhouse unit. The building located at 500 St. Clair Ave., 1309 and 1313 West 6 St.
 -- Angel Printing & Reproduction, Inc., a full service print shop, was approved $84,000 to assist the borrower in acquisition of land and building located at 1400 West 57 St. The project will create three new jobs.
 -- Classic Home Improvements, was granted a loan of $50,000 to purchase and renovate a dilapidated and condemned building complex consisting of three apartments and an office space at 2230 Denison Ave. This project will relocate Classic Home Improvements, a Lakewood firm, to Cleveland. The project will create seven new jobs.
 -- CMC & M, Inc., well known for its monument design, construction and mosaic business, was granted a $20,000 loan to purchase stone cutting equipment. The new equipment will enable the company to realize cost savings and facilitate expansion into other areas of stone fabrication. Located at 17109 South Miles Rd., the loan will generate three new jobs.
 -- Pizza Joe's, located at 4258 Fulton Rd., was approved $15,000 to expand operations by adding a deli tot he existing pizza delivery and carry out business. Two new jobs will be created.
 The Department of Economic Development has also recommended a $41,000 grant to attract the proposed relocation of MALCO, an automotive supplier from Union, Ill., to the site of the old Eaton Axle Plant located at East 140 and Darley Ave. MALCO will create 92 jobs and make a $1,501,000 investment in machinery, equipment and inventory.
 The mission of the Cleveland Citywide Development Corporation is to stimulate economic growth and create employment opportunities within the City of Cleveland by overseeing the City's small business lending programs.
 -0- 5/5/92
 /CONTACT: Alan Seifullah, 216-664-2238, Mary Rose Coburn, 216-664-2239, or Joe Skrabec, 216-664-4529/ CO: City of Cleveland ST: Ohio IN: SU:


CG -- CL001A -- 6541 05/05/92 11:55 EDT
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Date:May 5, 1992
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