The Barberton Growth Fund
The Barberton Community Development Corporation (BCDC), with a significant investment from the Barberton Community Foundation, has established a new fund to support entrepreneurs interested in growing their big ideas into big companies in the City of Barberton. The Barberton Growth Fund offers payment-deferred, low interest loans of up to $50,000.
Qualified applicants are not only eligible for capital, but are also connected to a network of advisors and mentors, as well as other potential Northeast Ohio pre-seed and seed funds that could help them continue to move their companies forward.
Early stage companies in search of money to prove their technologies are invited to submit business plans at www.jumpstartnetwork.org.
The Barberton Growth fund is for loans up to $50,000 made at the prime rate. Payments are deferred for three years or until the company closes a significant financing event greater than $1 million. Sale of the company or more than half its assets or failure to comply with the terms of the agreement (by relocating from the City of Barberton, for example) will also end the deferral.
Eligibility Requirements
To be eligible, a company must be a high growth company with excellent prospects for raising future venture capital, be located in the City of Barberton and make application through JumpStart or the JumpStart Entrepreneurial Network.
Application and Review Process
The BCDC Project Review Committee will evaluate and select projects in collaboration with JumpStart Inc. Projects meeting program guidelines are assigned a JumpStart Entrepreneurial Network representative to advise them.
Selected Companies may be invited to make a short presentation. Recommendations are submitted to the Barberton Community Development Corporation Board for final approval.
Upon approval, BCDC will draft all loan documents, using the company’s project description and milestones as the basis for the loan budget detail, identifying the project scope of services and allowable costs.
For additional information, please contact BCDC Executive Director Scott Wagner at 330-745-3070.