Cuyahoga County Commissioners Jimmy Dimora, Timothy F. Hagan and Peter Lawson Jones, are pleased to announce the creation of the North Coast Opportunities Technology Fund Pilot Program. Developed by the Cuyahoga County Department of Development in connection with the Cuyahoga Next Advisor Task Force and in collaboration with JumpStart TechLift Advisors (www.jumpstartinc.org/TechliftAdvisors/), the new NCO Tech Fund will help capitalize and support earlystage, high potential/ high growth technology companies in Cuyahoga County.
The NCO Tech Fund program targets technology companies that are excellent candidates for future venture capital investment and possess high growth job creation potential. Approved companies will receive a payment-deferred, low interest loan to complete a specific initiative or project that is expected to make the company significantly more attractive to pre-seed investors. Evaluation and selection will be performed by the County in collaboration with the State of Ohio funded TechLift entrepreneurial signature program. Funding rounds will occur on a bi-monthly basis.
Applications are due March 12, 2010 for the next round of funds.
2010 Submission Dates
Friday, May 07, 2010
Friday, July 09,
2010
Friday, September 10, 2010
Friday, November 05, 2010
Download and print the application in PDF or Word format.
NCO Technology Fund Loans
- Loans can be for $25K- $125K, with typical loans in the $50-75K range
- Interest rate of 5%
- Payments deferred for five years or until:
Significant financing event (greater than $1.5 million)
Sale of company or company assets
Failure to comply with terms of agreement (i.e. leaving Cuyahoga County)
- Loan proceeds must be used for a specific project or initiative that will bring the company closer to achieving pre-seed funding.
- Loan is secured by the personal property and assets of company
Eligibility
- Must be a high growth, technology company that is judged by the selection committee to have excellent prospects for raising venture capital in the future.
- Must be located in or planning to move to Cuyahoga County.
- Must be a Jumpstart TechLift Advisors registered and supported company, and sponsored by the appropriate Jumpstart TechLift Advisors Entrepreneur-in-Residence (EIR) - visit www.jumpstartinc.org/TechliftAdvisors to register
- Must present a credible project or initiative which will make the company much more attractive to pre-seed investors.
Application
- Submit the NCO Technology Fund Application,
- Including a brief (2 page) description of the specific project that funding is being sought and illustrate how the project will bring the company closer to venture or seed stage funding, and a summary business plan or company presentation
- Work closely with the appropriate JumpStart TechLift Advisors EIR so that he/she understands and gives input on the project and business plan
- The Selection Committee will review applications and project descriptions, rank ordering companies with the highest potential for attracting future venture capital investment. Selected companies will be invited to provide a short presentation to the Selection Committee about the proposed project.
The Selection Committee will consist of the JumpStart TechLift Advisors Director and EIRs, the MAGNET Incubator Director and Entrepreneurial Expert, and a Cuyahoga County representative
- Recommendations will be submitted to Board of County Commissioners for final approval.
- The County will draft loan documents based on the selected and approved project description – the description must identify project milestones.
The project description and milestones will be the basis for the loan budget detail, identifying the project scope of services and allowable costs.
For more information contact:
Gregory Zucca
Strategic Program Officer
Cuyahoga County Department of Development
112 Hamilton Court
Cleveland, Ohio 44114
216-443-8067
Fax: 216-443-7378
gzucca@cuyahogacounty.us
Chris Mather
President, Jumpstart Techlift Advisors
737 Bolivar Road Suite 3000
Cleveland, Ohio 44115
(216) 241-9204
Chris.Mather@jumpstartinc.org
