CLEVELAND, Ohio – Following the launch of the new Office of Small Business, Cuyahoga County is taking extra steps to support women- and minority-owned shops.
Executive Chris Ronayne has proposed spending up to $3.4 million dollars over the next two years to create a Small Business Program focusing on helping more women or minority entrepreneurs start or grow their businesses. The money would go to one of six providers that would then either provide participants with technical assistance or loans.
The county has been placing more importance on small businesses as “a key driver of innovation, job creation, wealth creation and economic opportunity,” with the creation of the new Office of Small Business, according to documents presented to county council.
The office is meant to be a one-stop shop for the county’s 30,000 small businesses, where they can receive personalized assistance, guidance, funding, education, succession planning – whatever they need. It can also help owners explore contracts with the county.
But the county wanted more targeted support “to overcome the effects of past discrimination against minority and women business entrepreneurs and owners…” documents say.
The county is considering funding six providers that would work with the businesses:
- Economic & Community Development Institute, up to $983,334
- Grow America, up to $791,666
- Northeast Ohio Hispanic Center for Economic Development, up to $650,000
- UBIZ Venture Capital, up to $350,000
- JumpStart, Inc., up to $330,000
- Village Capital Corporation, up to $320,000
Companies can be reimbursed $100 per hour for technical assistance or their loan amount, plus an administrative fee.
The funding passed council’s Economic Development & Planning Committee and is expected to be approved by the full body next week.
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