Northeast Ohio Regional Economic Development Group Awards $5 Million in Grants

The Cleveland-based Fund for Our Economic Future has announced more than $5 million in grants in support of ongoing efforts to boost economic development in Northeast Ohio.

Five economic development organizations — NorTech ($1.1 million), JumpStart ($1 million), BioEnterprise ($850,000), Team NEO ($630,000), and MAGNET ($400,000) — were awarded grants to continue their efforts to spur business growth in the region. Two other initiatives, the Agricultural Bioscience Industry Cluster and WorkAdvance, were awarded a total of $1.035 million, while the fund's Funders Committee dedicated $500,000 to regional inclusion efforts.

"Northeast Ohio's economic competitiveness will be determined, in part, by how well all individuals are engaged with and connected to the region's assets and opportunities," said Fund for Our Economic Future president Brad Whitehead. "The fund is committed to working with the Commission on Economic Inclusion and other partners in the region to increase inclusiveness. We believe there is an opportunity to evaluate current inclusion efforts and identify unmet needs that might better connect and support the region's increasingly diverse workforce."

"Regional Organizations Receive Funding to Improve Northeast Ohio's Economic Development." Fund for Our Economic Future Press Release 06/08/2012.