Cuyahoga County Investing In Tech Start-Ups
I have to honest, Cleveland, I never thought I would see the day when the Commissioners of Cuyahoga County decided to invest in a tech start-up loan fund. But it has happened. The Commissioners agreed today to put $750,000 in a loan pool that will target young technology start-ups. The loans will range between $25,000 and $125,000 @ 5% interest. I was doing the same thing at the City of Cleveland through the Core City Technology Fund (rather a segmentation of Core City money directed at Technology). Unfortunately, the current administration has stopped offering this technology specific loan program.
The North Coast Technology Fund will administer the loans. Good group. I know a few of the gents involved at North Coast – good crew. NorTech will help evaluate the loan applications as they come in to the County. Love the concept. However, to really make an impact we need millions of dollars going into funds like this and like Jumpstart.
