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Cuyahoga County

Investing in the Future. Cuyahoga County. Department of Development. Presentation to NASA Networking Event April 25, 2007. Economic Development Strategy.

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Cuyahoga County

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  1. Investing in the Future Cuyahoga County Department of Development Presentation to NASA Networking Event April 25, 2007

  2. Economic Development Strategy Provide financial and technical assistance to leverage private investment and promote Cuyahoga County manufacturing businesses to create jobs and increase tax revenues. Strategy Job Creation and Retention Business Expansion Encourage INNOVATION Objectives Economic Development Loans Grow Cuyahoga County Fund New Product Development Program Programs Low interest loans for fixed assets Create one job for every $35,000 loaned Deferred loans for product development New products manufactured in County Activities Technical Assistance to foster sales growth Working Capital and fixed asset financing

  3. New Product Development and Entrepreneurship Program Economic Development Strategy • 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

  4. New Product Development and Entrepreneurship Program Economic Development Strategy • 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

  5. New Product Development and Entrepreneurship Program Economic Development Strategy • 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

  6. New Product Development and Entrepreneurship Program Economic Development Strategy • 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.

  7. Economic Development Loan Programs Economic Development Strategy • 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 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

  8. M.A.D.E. in Cuyahoga County Economic Development Strategy • 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

  9. Economic Development Loan Economic Development Strategy • 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

  10. Grow Cuyahoga County Fund (GCF) Economic Development Strategy • $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

  11. COMMISSIONERS Jimmy Dimora Timothy F. Hagan Peter Lawson Jones Cuyahoga County Department of Development Contacts: Anthony Thornton Economic Development Manger (216) 443-3159 cdart@cuyahogacounty.us Jonathan Holoday Brownfield Program Manager (216) 698-2576 cdjkh@cuyahogacounty.us

  12. Cuyahoga CountyDepartment of Development Contacts: Tracey Nichols Assistant Director (216) 443-2137cdtan@cuyahogacounty.us

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