North Coast Opportunity Tech Fund
To get the latest information, subscribe to ourRSS feed. Thanks for visiting!
(CLEVELAND) July 2, 2008 — The members of the Board of Cuyahoga County Commissioners (BOCC), Jimmy Dimora, Timothy F. Hagan and Peter Lawson Jones, are pleased to announce the creation of the North Coast Opportunities (NCO) Technology Fund Pilot Program. The NCO Technology Fund will accelerate technology-based entrepreneurship, create new high paying jobs, and increase the flow of private investment to Cuyahoga County technology companies. Commissioner Jones, Board President, stated, “Our establishment of the NCO Technology Fund is yet the latest example of the County’s commitment to spurring the economic regeneration of our region…and we’re doing it the only way it can be done – by working collaboratively with the private sector to provide sorely needed capital to promising high tech companies.”
The NCO Technology Fund will provide payment-deferred loans to help small technology companies finance specific business development projects. Loans will range from $25,000 to $125,000 at a 5.0% fixed interest rate. The principal and accrued loan interest are due either at the end of the loan term or when the company achieves significant outside investment. “The County’s new fund will enable companies to attract follow-on private capital to grow their business”, said Comissioner Dimora. “Encouraging entrepreneurship and developing early stage companies is critical to the economic success of Cuyahoga County and all of Northeast Ohio.”
The NCO Technology Fund will be capitalized with $750,000 pledged by the BOCC to support TechLift, a NorTech-led initiative created by the State of Ohio’s Third Frontier program to increase support, services, and investment for entrepreneurial technology companies in Northeast Ohio.
“We highly value Cuyahoga County as a partner in the TechLift collaborative and commend them for their leadership in establishing the NCO Technology Fund. We hope other counties in Northeast Ohio will take an interest in improving entrepreneurship and technology business growth by replicating Cuyahoga County’s NCO Technology Fund model,” added Chris Mather, Director of TechLift and Vice President at NorTech.
The NCO Technology Fund is based on the strategic recommendations of the CuyahogaNext Advisors economic development task force. Established by the BOCC in 2004, CuyahogaNext is a network of individuals and organizations envisioned, convened and chaired by Commissioner Jones. CuyahogaNext recommended that the County assist entrepreneurs and support high potential/high growth technology-based business opportunities.
The NCO Technology Fund was developed by the Cuyahoga County Department of Development in collaboration with CuyahogaNext Advisors and NorTech’s TechLift program. To be eligible for funding a candidate must be a technology company with high-growth potential, based in or planning to move to Cuyahoga County, and a TechLift registered and supported entity. A selection committee comprised of TechLift Entrepreneurs-in-Residence (“EIRs”) and a County representative will analyze the list of potential candidates. Companies with the greatest prospect for raising seed or venture capital financing in the future will be selected for funding.
Commissioner Hagan affirmed, “The Cuyahoga County Commissioners are committed to advancing the interests of our residents and taxpayers through technological innovation and entrepreneurial development. This ground breaking partnership between the County and NorTech’s TechLift program will provide a higher level of services to entrepreneurs, helping to grow the region’s economy.”
About The Board of Cuyahoga County Commissioners:
The Board of Cuyahoga County Commissioners is a Political Subdivision of the State of Ohio, established by the State Legislature in 1808. Comprised of 38 cities, 19 Villages and 2 Townships with a population of 1,401,552*, Cuyahoga County is largely an industrial, recreational, educational and leading health care community. http://bocc.cuyahogacounty.us/
Popularity: 21% [?]
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment