A little capital at the right time can make all the difference.
The Barberton Growth Fund is a $500,000 fund that supports entrepreneurs interested in growing their big ideas into big companies in the City of Barberton by offering payment-deferred, low-interest loans of up to $50,000.
Early stage companies in search of money to prove their technologies are invited to submit their business ideas and applications.
Developed by the Barberton Community Development Corporation with a significant investment from the Barberton Community Foundation, the Barberton Growth Fund targets promising young high-tech companies with the potential to attract future investors and go on to generate jobs and wealth for our city.
Loans up to $50,000
Interest rate of prime
Payments deferred for 3 years or until:
A significant financing event (greater than $1 million) occurs
The sale of the company or substantial (51%) company assets occurs
a company fails to comply with the terms of the loan agreement (e.g., relocating from the City of Barberton)
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 the company
Be a high-growth company with excellent prospects for raising future capital
Be located in the City of Barberton
Apply through the JumpStart Entrepreneurial Network
The Barberton Community Development Corporation Project Review Committee evaluates and selects projects in collaboration with JumpStart Inc.
Selected companies with projects meeting program guidelines are invited to make a short presentation
Recommendations are submitted to the Barberton Community Development Corporation Board for final approval
The Barberton Community Development Corporation drafts 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.
Apply here. If you meet the eligibility criteria, you will be asked to submit a more detailed application and project plan.
For More Information
Contact Scott Wagner, Executive Director, Barberton Community Development Corporation, 330.745.3070 or firstname.lastname@example.org.