WWW.SHAKER .LIFE | WINTER 2020 31
Over $600K
in income tax generated by new businesses since 2018
77,654
square feet of office space occupied by new businesses since 2018
12 loans and more than
$2M
financed as a result of the SBA Shaker
Partnership Loan to support business
growth and development since 2015
13 projects and more than
$267K
in exterior improvements
due to the City’s Storefront
Renovation Program since 2016
16 Vision Fund Loans awarded, 9 fully paid off since 2011
The Vision Fund Loan provided the Mannik & Smith Group (MSG)
with a loan of $100,000, issued with a 10-year term with amortization
based on employee payroll. “In our first eight months, we returned
48 percent of this loan to the City in our local payroll income tax
payment, and with the continued growth we are enjoying, we
anticipate full pay-down of this debt in less than two years,” says
Mark Smoley PE, senior vice president and principal of MSG.
The $100,000 went to E2G Properties, the company’s landlord at
Tower East, and was used wholly towards buildout of MSG’s office
space on the fifth floor. “Without this loan, we would not have been
able to relocate to our new Class A office space in our preferred
location of Shaker Heights,” says Smoley.
3,500
followers on Shop Shaker Facebook page
100+
home based businesses in Shaker Heights
3,000+
Shop Shaker shopping bags in circulation
Shaker Heights is a
founding member of
Heights-Hillcrest
Chamber of Commerce,
which was started in 1949
The City
is a designated
Neighborhood Champion
for
Small Business Saturday
is booming!
/WWW.SHAKERlife.com