Foundations Grant $5 Million to NE Ohio
The Fund for Our Economic Future, a collaboration of donors and philanthropists that provides grants to increase the economic competitiveness of Northeast Ohio, met at the Davis Center in Fellows Riverside Gardens to award one-year grants to six Cleveland-based nonprofit organizations that aim to grow business and attract new companies to Northeast Ohio.
The Fund elected to give maximum amounts of $1.3 million to JumpStart, an entreprenuerial assistance organization; $1.1 million to BioEnterprise, which helps grow bioscience and healthcare companies; $825,000 to Team Northeast Ohio, a business attraction organization; $750,000 to the Minority Business Accelerator 2.5+, which provides business growth services to minority-owned businesses with at least $2.5 million in sales; $633,000 to NorTech, which promotes the growth of technology-based industries in the region; and $434,000 to MAGNET, an advocacy group for regional manufacturing industries.
The grants will be awarded in phases, said Chris Thompson, a spokesman for the Fund. Grant recipients will have to meet performance â€śmilestones,â€ť to qualify for the maximum amount of grant funds, Thompson said.
The Fund also issued two smaller grants.
A $200,000 grant was awarded to a group that is working to strengthen the regionâ€™s agriculture industry. The collaboration â€” which includes the Ohio Agricultural Research and Development Center, the Wayne Economic Development Council and the Ashtabula Growth Partnership â€” hopes to develop more fresh produce, biomass energy, horticulture and other types of specialty agriculture.
In addition, a $25,000 grant was issued to help organize the regionâ€™s application for a federal planning grant under the Sustainable Communities Initiative being developed by the federal government. The grant would provide as much as $5 million for cooperative regional planning efforts that consider housing, transportation, environmental impact and economic development.
â€śThese grants will help Northeast Ohio sustain the progress made throughout the last six years to build new industries, support entrepreneurs and attract growing companies,â€ť said David Abbott, chairman of the Fund. â€śThese grants reflect philanthropyâ€™s strong commitment to strengthening the regionâ€™s economic competitiveness.â€ť