cuyahoga county
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Investing in the Future. Cuyahoga County. Department of Development. Presentation to NASA Networking Event April 25, 2007. Economic Development Strategy. - PowerPoint PPT PresentationTRANSCRIPT
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Cuyahoga County
Department of Development
Investing in the Future
Presentation to NASA Networking Event
April 25, 2007
Economic Developmen
t Loans
Low interest loans for
fixed assets
Create one job for every
$35,000 loaned
Technical Assistance
to foster sales growth
Working Capitaland fixed asset
financing
Deferred loans for product
development
New products manufactured
in County
Economic Development Strategy
New ProductDevelopmen
t Program
Encourage INNOVATION
Business Expansion
Job Creation and RetentionObjectives
Programs
Activities
StrategyProvide financial and technical assistance to leverage private investment and promote Cuyahoga County manufacturing businesses to create jobs and increase tax revenues.
Grow Cuyahoga
County Fund
New Product Development and Entrepreneurship Program
Partnership with MAGNET (formerly CAMP)
Loans deferred for 3 years• Loan are then amortized at 3.5% interest
for 7 years Secured by a Lien on Intellectual
Property Only Must commit to manufacture product
in Cuyahoga County for a minimum of 7 years
Economic Development
Strategy
New Product Development and Entrepreneurship Program
For Manufacturers and Software Developers Only
Three Phases of Product Development
Loans between $15,000 to 60,000 up to a max of $115,000
An outside panel of product development experts selects projects
Economic Development
Strategy
New Product Development and Entrepreneurship Program
Helps existing businesses with R & D Costs Many Business Owners have ideas for new
products but no time to develop them Do not need to take top people and
expensive equipment out of current production cycle to develop new products
Visit web sites for program announcements:• www.development.cuyahogacounty.us• www.magnet.org
Economic Development
Strategy
New Product Development and Entrepreneurship Program
1st Funding Round was May 2005
49 new product ideas funded to date
69 jobs created or retained
9 new products entered the market
$7.6 million leveraged
CAMP Staff with County Commissioners present award to MOM Tools, 2005 New Product Development and Entrepreneurship Phase II Loan Fund Winner.
Economic Development
Strategy
Economic Development Loan Programs Capital Asset Financing Must create or retain
jobs 1 job for every $35,000
borrowed Maximum 40% of
project Corporate and/or
Personal Guarantees required
Economic Development
Strategy
Ferrous Metal Processing created over 50 new jobs when the county provided a low interest loan to help purchase this equipment for their Brooklyn facility
M.A.D.E. in Cuyahoga County
Manufacturers Only Maximum $200,000 2% Fixed Interest Rate Capital Asset Financing
• 5-7 years equipment• 15 years buildings (match bank term)
Will subordinate Need Appraisals & equipment
valuations
Economic Development
Strategy
Economic Development Loan
Capital Asset Financing Maximum $350,000 3.5% fixed interest rate
• 5-7 years equipment• 15 years buildings (match bank term)
Will subordinate Need Appraisals & equipment
valuations No restaurants or retail
Economic Development
Strategy
Grow Cuyahoga County Fund (GCF)
$35,000 - $1 million Prime to Prime + 2% Interest Rate Terms up to 25 years Can do up to 90% of project Working Capital, Machinery and
Equipment, Acquisition of Land and Buildings, Construction, Renovations and Tenant Improvements are Eligible
Can do Restaurants and Retail
Economic Development
Strategy
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Cuyahoga County Department of Development
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Contacts:
Anthony ThorntonEconomic Development Manger (216) [email protected]
Jonathan HolodayBrownfield Program Manager(216) [email protected]
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Cuyahoga County Department of Development
Contacts:
Tracey NicholsAssistant Director(216) [email protected]