Development Fund of the Western Reserve Announces Complete Capitalization of the Akron Community Revitalization Fund
Development Finance Authority.
The Development Fund of the Western Reserve (DFWR) has announced the Akron Community Revitalization Fund is now fully capitalized and open for business.
The Akron Community Revitalization Loan Fund is designed to fund projects in distressed census tracts, defined as areas with a poverty rate of at least 30% and unemployment rate of at least 10 percent.
The Fund is capitalized by U.S. Bank as the NMTC investor providing cash equity of $2.25M, along with investments from Akron Development Fund and PNC Bank, and the following major contributors:
- Akron Children’s Hospital,
- GAR, Goodyear,
- Huntington Bank,
- Medical Mutual Donor Advised Fund, and
- Summit County.
Other community funders include:
- Akron Community Foundation,
- Allio Family Fund,
- David Brennan, Brennan,
- Manna & Diamond, LLC,
- Brouse McDowell, LPA,
- Chase Bank,
- Development Finance Authority of Summit County,
- Dr. Cliff Deveny,
- J.W. Didado,
- Downtown Akron Partnership,
- Greater Akron Chamber,
- Home Savings Bank,
- Novogradac & Company, LLP,
- Gertrude Orr Foundation,
- PNC Bank,
- Read Family Fund,
- Staff, Board and Advisors of DFA and DFWR,
- Paul Testa,
- Paul Thomarios and
- U.S. Bank.
DFWR continues to accept numerous pledges and funding commitments which will be used to further grow lending capacity of the Fund. DFWR has identified six prospective projects which are in various stages of review and underwriting.
Every year we celebrate the organizations and individuals that have partnered with us to help grow our local economy. Due to COVID-19, we were unable to host our Annual Meeting & Business Development Awards Ceremony. This year we celebrated the Award recipients at their place of business.read more
(Marion) Marion Technical College is proud to announce that it is joining the Smart Automation Certification Alliance (SACA). This new membership, generously funded by Buckeye Educational Systems, benefits students by helping instructors stay atop of the latest developments in smart manufacturing and allowing Marion Tech the opportunity to award certifications to students.read more
Beginning June 3, Ohio small business owners may participate in a six-session virtual course in financial management that will give participants the tools and confidence needed to manage their businesses by the numbers.read more