Fund for Our Economic Future Awards $850,000

CLEVELAND, Ohio – Fund for Our Economic Future, a philanthropic collaborative of foundations, corporations, universities and local governments, has approved $850,000 in grants to support job creation in northeastern Ohio.

Team NEO was awarded a one-year operating grant for $650,000 for its shared regional economic competitiveness strategy and business development efforts. Fund for Our Economic Future was a co-creator of Team NEO, along with several regional businesses and JobsOhio.

JumpStart was given a one-year grant of up to $150,000 for the Northeast Ohio Entrepreneurial Signature Program network, which provides “space, capital, advice, support and connections” to startups in northeastern Ohio.

And Burten, Bell, Carr Development was awarded a one year grant of up to $50,000 to support the organization’s job creation programs in the neighborhoods surrounding the “Opportunity Corridor.” The area stretches from East 55th Street at Interstate 490 to East 105th Street at University Circle.

“We’re heartened by Team NEO’s progress and by JumpStart’s track record of supporting job growth in our region, and are confident that our fund can help bridge this growth to more opportunities for all people,” said Deborah D. Hoover, president and CEO of the Burton D. Morgan Foundation and a fund representative to the Team NEO board, in a release.

Added Fund for Our Economic Future President Brad Whitehead, “The importance of activating the economic potential of the neighborhoods served by Burten, Bell, Carr is significant. As we aim to strengthen local community assets and increase opportunities in distressed neighborhoods – which will ultimately improve our economy overall – connecting local leadership with regional capacities is critical.”

The grants were approved at the fund’s quarterly board meeting Dec. 8, hosted by the Council of Smaller Enterprises, the small-business arm of the Greater Cleveland Partnership.

In June, three Mahoning Valley nonprofits – Community Foundation of the Mahoning Valley, Trumbull 100 and the Youngstown Foundation – committed a combined $100,000  to the fund over three years for a joint membership. The Raymond John Wean Foundation is also a member.

Copyright 2024 The Business Journal, Youngstown, Ohio.