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Small Businesses Supported through Investment in Innovation & Entrepreneurship- Our businesses are growing and profitable |
Strategic Priorities |
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2.3 Promote and invest in entrepreneurship and inclusive innovation
- Our businesses are growing and profitable
About this measure |
This measure shows the number of small businesses supported and the total amount of County dollars invested in innovation and entrepreneurship. Data reported on the County’s investment in innovation and entrepreneurship is provided by the Cuyahoga County Department of Development.
Why is this important? |
Innovation is the life blood of any healthy economy. The ability to create better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society is a direct indicator of an economy’s ability to add value and grow. It is vital for the County to facilitate and accelerate innovation development, technology transfer and commercialization activity to create an environment conducive for economic growth. Channeling capital to promising companies with a pipeline of inventive products and services adds critical funding to the creative mixture of concepts, employees and management.
Supporting entrepreneurship not only helps drive economic growth, but it is also an effective way to generate economic opportunity for low-income individuals or groups that have traditionally been economically isolated. Entrepreneurial development creates opportunities to achieve economic self-sufficiency, create wealth, and transform under-served neighborhoods.
How are we making an impact? |
The County supports key aspects of innovation and start-up business development designed to cultivate entrepreneurs and innovation. Through investment in targeted programs the County supports early stage companies along the capital formation continuum and product life-cycle. Examples of these targeted programs and details on the support provided include:
- Economic Community Development Institute (ECDI): ECDI supports micro-enterprise lending by providing comprehensive technical and financial assistance to locally owned small businesses.
- Small Business Enterprise Municipalities: Provides ½ to ¾ of the total amount each municipality can provide to locally owned small businesses, to increase their owner equity so they can qualify for bank loans to support their growth.
- Capital Access Fund: Businesses supported by the Capital Access Fund are local small businesses, owned by minority group members, in need of both advice and financing to grow and expand their operations. This program helps businesses to grow by qualifying for bank loans.
- Grow Cuyahoga Fund: Makes loans to well established small businesses that need additional capital to expand. This in turn creates new job opportunities, many in well paid jobs such as manufacturing.
- Aerozone: With Cuyahoga County’s funding, the Ohio Aerospace Institute began to operate a coordinated program to link NASA with local entrepreneurs through 2018 and into 2019.
- Commission on Economic Inclusion: The funding from Cuyahoga County supports technical assistance to minority owned businesses to unlock their growth potential
Reporting Agency |
Cuyahoga County Department of Development
Number of Small Business Supported - Current Performance |
Funding Invested - Current Performance |
Measure Data |
| Period |
|
Status | Small Businesses Supported | Small Businesses Supported Year to Date | Funding Invested | Funding Invested Year to Date |
|---|---|---|---|---|---|---|
| 2016 |
|
Not Defined | ||||
| 2017 |
|
Not Defined | ||||
| Q1-18 |
|
Not Defined | 48 | 48 | $ 643,019.00 | $ 643,019.00 |
| Q2-18 |
|
Not Defined | 51 | 99 | $ 396,275.00 | $ 1,039,294.00 |
| Q3-18 |
|
Not Defined | 44 | 143 | $ 497,696.00 | $ 1,536,990.00 |
| Q4-18 |
|
In Progress | 49 | 192 | $ 690,543.00 | $ 2,227,533.00 |
| Q1-19 |
|
In Progress | 27 | 27 | $ 569,245.76 | $ 569,245.76 |
| Q2-19 |
|
Not Defined | 27 | $ 569,245.76 | ||
| Q3-19 |
|
Not Defined | 27 | $ 569,245.76 | ||
| Q4-19 |
|
Not Defined | 27 | $ 569,245.76 |