EDA Grantees in Ohio Recognized
Two northeast Ohio economic development organizations were singled out last week by President Obama and members of his Cabinet--including Commerce Secretary Gary Locke and Small Business Administrator Karen Mills--during a recent forum in Cleveland.
In his remarks, President Obama singled out JumpStart, Inc. and Northeast Ohio Technology Coalition (NorTech) which had both received EDA investments to help revitalize the regional economy and re-train its workforce.
From the recent EDA Update:
NorTech’s goal is to help add 1,500 jobs, $75 million in payroll, and $100 million in capital to the region by 2017. EDA’s partnership with JumpStart, Inc. is working beyond the state border to promote small business development in other midwestern cities that have been affected by the restructuring of the American automotive industry including Akron, Ohio; Detroit, Mich.; Fort Wayne, Ind.; Gary, Ind.; St. Paul, Minn.; and Duluth, Minn.
EDA’s $1.5 million investment will enable JumpStart to help communities develop regional entrepreneurship action plans (REAP) and training and assistance programs for entrepreneurs and early-stage businesses. JumpStart will work to increase access to capital in each region and conduct educational events for entrepreneurs. The events will provide training and information, short- and long-term critical analysis and mentorship, and will connect entrepreneurs and investors. The goal is to create jobs by significantly bolstering innovation and regional collaboration efforts in the six cities.
To bolster regions impacted by the downturn of the auto industry, EDA made a $300,000 investment in NorTech to develop a regional innovation strategy and advanced energy industry cluster roadmap to create new jobs and reinvigorate the competitiveness of communities. The cluster roadmap and strategic plan project will engage NorTech’s existing business, university, government, and funding partners with advanced energy industry leaders to provide a vision and facilitate entrepreneurship and coordinated investment in four targeted green technology sectors.