Fund For Our Economic Future OKs $3M in Funding

EAST CLEVELAND, Ohio – The members of the Fund Our Economic Future philanthropic collaboration approved $3 million to advance business development and job creation in northeastern Ohio, the group announced.

Included among the “grant and non-grant instruments” are Team NEO with an award of up to $650,000, up to $800,000 to BioEnterprise and up to $900,000 for the Manufacturing Advocacy & Growth Network. JumpStart was provided $500,000 for its Scaleup Initiative and $150,000 to support its Startup Network.

With the exception of the Team NEO and JumpStart Startup Network – which are both one-year awards – all funds are available to the groups for two years.

“Economists around the globe have observed the negative correlation between economic disparity and sustained economic growth and the Fund for Our Economic Future has confirmed this in our own ‘What Matters to Metros’ research,” said Brian Frederick, president and CEO of the Community Foundation of Lorain County. “Healthy economies are ones that provide access to opportunity for all of their citizens.”

At its quarterly meeting March 8, Fund Our Economic Future also announced its partners over the past three years generated 6,100 jobs, $361 million in payroll and $1.76 billion in capital.

The average salary for the jobs was $59,000. Since being created in 2004, Fund Our Economic Future has helped create or retain 18,500 jobs and $4 billion in capital for the region.

Copyright 2024 The Business Journal, Youngstown, Ohio.