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ShoreBank Cleveland

540 East 105th Street
Cleveland, OH 44108

Contact: Chris Warren, President&CEO
Phone: 216-681-8959
Fax: (216)268-6124
ShoreBank Cleveland

The ShoreBank affiliates in Cleveland include ShoreBank Enterprise Cleveland (SEC), a 501(c)3 tax-exempt organization, and ShoreBank, Cleveland Region, a federally insured and state-regulated financial institution. ShoreBank's traditional banking products combined with SEC's non-bank debt and equity products, small business development assistance, brokered workforce services, and a neighborhood Enterprise Center are helping ensure that all diverse urban Cleveland communities share in the region's revitalization, robust growth and economic prosperity.


ShoreBank Cleveland offers a number of conventional financial products to fit small business needs including specific expertise with community-based transactions. They have expertise in working with community organizations such as faith-based organizations and childcare centers. Their products include fully secured credit, fixed asset term loans, working capital lines of credit, asset based lending, and commercial mortgages.

Specific non-profit programs include:

Enterprise Finance Funds  ShoreBank Enterprise operates two finance funds, ShoreBridge Capital and the ShoreGrowth Fund, that offer a total of $8 million in non-traditional debt and equity investments. These funds provide $25,000 to $500,000 investments for working capital, equipment purchases, construction projects, business acquisition, debt restructuring, and other business purposes to early stage companies with strong business plans and to established firms that have an identified growth opportunity but may not qualify for traditional bank financing. Borrowers in both funds agree to work with ShoreBank Enterprise's labor force specialist to employ low-income Cleveland-area residents.

Investments by individuals, as well as institutions such as the Calvert Foundation, provide lending capital to ShoreBank and ShoreBank Enterprise Group.

Client Population

ShoreBank and ShoreBank Enterprise provide business financing throughout the city of Cleveland but focus their residential lending activities on Cleveland's upper east side in their "Priority Neighborhoods." The poverty rate in these neighborhoods averages 33% with only a third of the residents owning their homes and double the national average of unemployed workers. In general, ShoreBank's borrowers are comprised of 55% African-Americans, 43% Caucasians, and 2% Latinos. About 40% of ShoreBank's clients are female and 100% live in major urban areas. About 70% the individuals who are served are or have been low-income individuals.


Since inception, ShoreBank has provided a wide array of banking services for more than 650 customers, and invested $125 million in Cleveland's neighborhoods and entrepreneurs. The $54 million invested in deposits has enabled borrowers to produce over 1600 units of new or rehabilitated urban housing, which has made home ownership possible for hundreds of low and middle-income Clevelanders. Ninety percent of ShoreBank's real estate loans have been made in the priority neighborhoods located in the upper east side of Cleveland. Over 80% of ShoreBank's combined business loans have been made to companies and entrepreneurs in the city of Cleveland.


ShoreBank Cleveland
Tom and Gwenay Coniglio are building their construction firm, The Coniglio Company, from the ground up. After attending the 2002 Contractorsí Networking Forum (co-sponsored by ShoreBank Enterprise with Famicos Foundation and The WECO Fund), the Coniglios approached the ShoreGrowth Fund for financing. ShoreGrowth provided them with a unique contract finance loan allowing them to shift their emphasis to commercial projects. As of the end of 2003, the Coniglio Company has expanded sales to $1.5 million. Full Story

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