| 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 are provided by the Cuyahoga County Department of Development on a quarterly basis.
Why is this important? |
Innovation is the life blood of a 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 is 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, build wealth, and transform underserved neighborhoods.
How are we making an impact? | |
The Department of Development proposed to allocate a new round of capital resources and operating funding ($3 million appropriated) to help fund various support organizations who would creatively assist small businesses in these key areas.
The Department requested proposals through RFQ 6222 from qualified Cuyahoga County-based non-profit and for-profit entities, or partnerships of entities, who would design a superior Small Business Supports Program, or programs, and administer such financial and technical assistance to this clientele, with the particular focus on equity and inclusion for minority and women-owned businesses. In Q1-22, through that competitive process, the grant awards were made to four entities that provide said products and services. Ohio Aerospace Institute w/ The Presidents Counsel and The Urban League of Greater Cleveland, ECDI, NDC and Village Capital Corporation.
These organizations are projected to make 127 small business loans and provide technical assistance to more than 500 businesses and over 1000 hours of technical assistance over a two year period.
Data Source |
Cuyahoga County Department of Development
- Race and ethnicity data reported by the Cuyahoga County Department of Development are self-reported by businesses receiving financial support.
Data table abbreviated due to number of measures. See Attachments for full data table.
Performance Target |
Small Businesses Supported (Annual): 300
Funding Invested in Small Businesses (Annual): $3,500,000
Number of Small Businesses Supported - Quarterly Performance |
Number of Small Businesses Supported by Race & Ethnicity - Quarterly Performance |
Funding Invested - Quarterly Performance |
Small Businesses Supported & Funding Invested - Annual Performance |
Measure Data | Last Calculated a day ago |