The City of Cleveland is bolstering its small business sector and community projects with a substantial injection of cash, directing $475,220 in grants to local businesses and neighborhood groups. As part of the Steelyard Tax Increment Financing Grant program's first round of disbursements since its rejuvenation, 19 small businesses and three community development corporations (CDCs) have been named recipients, fostering economic growth in six diverse communities across the city.
In a move that's got local entrepreneurs and neighborhood advocates nodding in approval, the city's financial commitment aims to enhance the vitality of neighborhoods dealing with the ripple effects of large-scale retail development, which have shifted economic dynamics over the years by channeling much-needed funds into areas that directly contribute to the livelihood of these communities, "Small businesses are the heartbeat of our economy and the soul of our neighborhoods," Mayor Justin M. Bibb stated in an announcement that was captured by the official City of Cleveland website, expressing the city's steadfastness in backing local initiatives.
Tom McNair, Cleveland's Director of Economic Development, underscored the renovated ethos this grant program symbolizes for the city, stressing a concerted pivot toward fair economic practices that honor the unique understanding local leaders possess about their own neighborhoods. He relayed this sentiment through the City of Cleveland's announcement, "This grant program is a reflection of how we’re changing the way we do economic development in Cleveland," setting an undertone for the city's progression toward a more equitable economic landscape.
Established initially in 2006, the Steelyard TIF was conceptualized to mitigate economic disturbances caused by large retail developers. In 2025, the city refurbished the program with an eye towards equity, openness, and community-centered economic upliftment, according to the recent report from the City of Cleveland's website. These freshly doled out grants signal the city's progressive stride toward equitable economic development and undergird its commitment to buttress the community assets that make Cleveland thrive.
