Team NEO to Award $3 Million to Spur Job Growth in Ohio
As the new regional office in Northeast Ohio for the JobsOhio business development program, Team NEO is preparing to award grants totally $3 million for six proposals to stimulate job growth and economic development in the region, Crain’s Cleveland Business reports.
The largest grant ($2 million) will go to a joint regional retention and expansion program involving five groups â€” Greater Cleveland Partnership, Team Lorain County, Youngstown-Warren Regional Chamber, Stark Development Board, and the Greater Akron Chamber.
The Wayne Economic Development Council will receive two grants, including $150,000 to build the region’sÂ agricultural bioscience business sector and $125,000 for an effort to attract foreign investment in the region by giving foreign investors the opportunity to obtain green cards for themselves and their families under the federal EB-5 program.
Team NEO would receive $475,000 for its business attraction strategy that targets companies in high-growth industry sectors; â€¨Early-stage investment organization JumpStart Inc. would receive $125,000; and Richland Community Development Group would be given $100,000 for its business retention and expansion activities.