A strategic location for innovation.

Financial Incentives

MAKING PROGRESS POSSIBLE

Millions of dollars are available in local, state, philanthropic, and venture funding.

HTC will invest $2M in new local companies by the end of this year.

INVESTED
$m
TO DATE

HTC Investment
& Attraction Fund

The Cleveland Health-Tech Corridor has teamed up with JumpStart Inc. to pair several millions of dollars in investments in innovative businesses with attractive office, lab, coworking and incubator facilities. Businesses seeking investments from the HTC Investment and Attraction fund must be willing to relocate to the HTC and meet the following criteria of the JumpStart Evergreen Fund:

  • Unique/breakthrough idea with low barrier to entry
  • Large ($1B) addressable market.
  • Entrepreneurs who are flexible, demonstrate excellence in all that they do, have skin in the game and have high growth ambitions.
  • Exit potential. Entrepreneurs must demonstrate how they plan to position the company to be acquired or, possibly, achieve an initial public offering.
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Financial Incentive Programs

Raising Funds
Building & Rehabbing
Working Capital
City & State Incentives
Opportunity Zone
Raising Funds

BioEnterprise Fund

BioEnterprise provides signifcant financial assistance and investment to qualified bioscience companies by connecting them with bioscience venture capital and private equity firms and working with clients to identify appropriate loans or grant funding opportunities.

JumpStart Focus Fund

This fund offers seed capital in tech companies led by female entrepreneurs and entrepreneurs of color throughout Ohio – as well as those willing to relocate. Fund investments typically start at $250,000 for early stage companies who can leverage capital and IP/technology to achieve transformational growth across industries including medical technology.

North Coast Angel Fund

North Coast Angel Fund invests in early-stage, technology-based ventures. Targeted industries include information technology, life sciences, advanced materials, and electronics and controls. Key funds include Technology Validation and Startup Fund. Typical NCAF initial investment is $250,000 with $200,000 held in reserve for possible follow-on investment.
Building & Rehabbing

City of Cleveland Econ. Dev. Loan Program

This program offers long term, fixed rate financing. For business financing, the minimum interest rate is currently under three percent, or 75% of the prime rate listed in the Wall Street Journal. The maximum city participation is 33.3% of total project cost. Loan terms are typically 5-7 years on equipment and up to 20 years on land and building. Eligible activities are property acquisition, equipment purchase, new construction and related soft costs.  Loans may be used with private and public funds.

City of Cleveland Vacant Property Initiative

The Vacant Property Initiative helps overcome barriers in the full reuse of abandoned, idled or underutilized commercial and industrial properties within Cleveland. Eligible activities are property acquisition, environmental site assessments, site clearance and demolition, “as is” and “as completed” property appraisals, new construction and renovation.

Working Capital

City of Cleveland Working Capital Loan Program

The Working Capital Loan Program helps companies that need additional working capital beyond their traditional lines of credit by providing low interest loans currently below 3%. City Assistance is designed to bridge the gap and help the company purchase the inventory and raw materials needed to fulfill orders.

City of Cleveland Equipment Loan Program

The Equipment Loan Program offers long-term fixed-rate financing. The minimum interest rate will not be less than the lower of four percent or 75% of the prime rate listed in the Wall Street Journal. Loans can be up to $500,000, however the maximum City participation is 33.3% of total project cost. Loan terms are typically 5-7 years on equipment.

City & State Incentives

City of Cleveland Job Creation Incentive Program

The Job Creation Incentive Program is designed to attract new and expand existing businesses in the City of Cleveland. Grant assistance can be applied to new businesses creating five or more new jobs in the City within the first year or for existing businesses with substantial job creation. Eligible applicants may receive grants of up to 0.5% of new payroll to the City for up to three years and may also qualify for an additional $5,000 Moving Assistance Grant.

City of Cleveland Municipal Small Business Incentive

Partnering with U.S. Small Business Administration and Cuyahoga County, this performance grant allows businesses to reduce their equity in a SBA funded project from the required 25% to 10%. The City provides a grant of 15% which is funded half by the City and half by the County. The goal of this grant is to leverage financing to benefit small businesses in the creation of jobs and opportunities in the City of Cleveland.

Opportunity Zone

Health-Tech Corridor Opportunity Zone

Opportunity Zones were established by the Tax Cuts and Jobs Act of 2017 with the goal of creating long-term investments in regions of low-income rural and urban. The Opportunity Zones provide tax incentives for investors to re-invest their unrealized capital gains in to funds that are dedicated to investing within the Opportunity Zone.

Want help navigating financing?

We work directly with companies navigating financing, relocation, and capital sourcing. Contact us directly, we can help you find you a financing fit within the Health-Tech Corridor.