New Western Reserve Fund Loan Will Support Dozens of Jobs in Northeast Ohio

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CLEVELAND – Cuyahoga County Executive Ed FitzGerald today announced that the Western Reserve Fund has provided a $1.2 million loan to help Stratos Wealth Partners expand its operations in Beachwood and retain or create nearly 60 good-paying jobs in Cuyahoga County.

“Cuyahoga County is focused on developing innovative solutions for growing our local economy and create new jobs for hardworking men and women. I’m proud that Stratos Wealth Partners, a highly-regarded financial company, is choosing to expand operations in Cuyahoga County with the assistance of a loan from the Western Reserve Fund,” said FitzGerald. “This important agreement will ensure that dozens of good-paying jobs stay here in Cuyahoga County, and I applaud our entire economic development team for their continued work.”

Stratos provides back office functions such as technology and compliance services to independent financial advisors who want to retain their books of business, while also leveraging the capabilities of a large firm. The Western Reserve Fund loan enabled Stratos to purchase and renovate a 41,000 square foot facility in Beachwood that will allow it to retain 49 Cuyahoga County jobs and also create an additional 20 positions.

“We are pleased to offer this loan to Stratos Wealth Partners,” said Larry Benders, Director, Department of Development. “This action ensures that this growing company, and its good-paying jobs, will remain in Cuyahoga County.”

Today’s announcement is the latest in a series from the Western Reserve Fund, Ohio’s largest countywide economic development fund, which recently provided $1.5 million for National Automotive Experts to expand operations in Strongsville.

The Western Reserve Fund is a transparent, first-of-its-kind revolving loan fund that provides financing for job creation and retention in Cuyahoga County. Since it was implemented in 2011, the Western Reserve Fund has sought to provide $100 million to support economic growth and keep good-paying jobs in Northeast Ohio.