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Cuyahoga County Continues To Leverage Millions In Funds To Support Start-Ups and Small Businesses
Contacts:
Jeane’ Holley, (216) 698-2544; (216) 640-0821; or jholley@cuyahogacounty.us
Cleveland, Ohio – Earlier this afternoon, Cuyahoga County Executive Armond Budish delivered his second State of the County address. During the State of the County, Budish announced that due to the county’s investment of $4.5 million to attract additional outside funding for start-ups and small businesses, Jumpstart has leveraged the county’s initial investment into $40 million across three funds; Evergreen Fund, NEXT Fund, and Focus Fund. These funds will help support startup and early stage tech and biomedical companies.
The Focus Fund; a newer fund and one of the largest funds in the United States invests seed capital in tech based companies led by African American, Latino, and female entrepreneurs. Research shows that nationally, of all the venture capital invested, only about 3% has gone to African American, Latino, and women entrepreneurs.
“Our innovation continuum is designed to create and grow jobs and businesses,” said Budish. “The county continues to look for ways to support businesses so that we can keep them here in our region. Innovation and the support for businesses from early stage and onward is crucial to a prosperous Cuyahoga County”
The county recently released another request for proposal for the Accelerated Growth Loan Program, focused on large loans up to $2 million for small businesses.
Jeane’ Holley, (216) 698-2544; (216) 640-0821; or jholley@cuyahogacounty.us
Cleveland, Ohio – Earlier this afternoon, Cuyahoga County Executive Armond Budish delivered his second State of the County address. During the State of the County, Budish announced that due to the county’s investment of $4.5 million to attract additional outside funding for start-ups and small businesses, Jumpstart has leveraged the county’s initial investment into $40 million across three funds; Evergreen Fund, NEXT Fund, and Focus Fund. These funds will help support startup and early stage tech and biomedical companies.
The Focus Fund; a newer fund and one of the largest funds in the United States invests seed capital in tech based companies led by African American, Latino, and female entrepreneurs. Research shows that nationally, of all the venture capital invested, only about 3% has gone to African American, Latino, and women entrepreneurs.
“Our innovation continuum is designed to create and grow jobs and businesses,” said Budish. “The county continues to look for ways to support businesses so that we can keep them here in our region. Innovation and the support for businesses from early stage and onward is crucial to a prosperous Cuyahoga County”
The county recently released another request for proposal for the Accelerated Growth Loan Program, focused on large loans up to $2 million for small businesses.
