Development Fund of the Western Reserve Announces Complete Capitalization of the Akron Community Revitalization Fund

Aug 2, 2017 | News, Newsletter

Christopher Burnham.
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,
  • FirstEnergy,
  • 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,
  • GOJO,
  • 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.

Port Authority Celebrates Award-Winning SBDC Member

(Wilmington, Ohio) The Clinton County Port Authority is pleased to congratulate David Riggs, Director of the SBDC at Miami Regionals, for being named Ohio’s SBDC State Star in 2021.

America’s SBDC, the national association that represents the nationwide network of Small Business Development Centers (SBDCs), annually recognizes one outstanding SBDC employee from each of its 62 members. This outstanding employee exhibits exemplary performance, makes a significant contribution to their state or regional SBDC program, and shows a strong commitment to small business. Using a peer-based selection process, the Ohio SBDC network selected David Riggs for Ohio’s SBDC State Star.

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Tiffin Foundry and Machine to invest in new machinery and equipment

Tiffin Foundry and Machine has announced it will purchase new machinery and hire more staff with assistance from a $50,000 JobsOhio Inclusion Grant. Tiffin Foundry has eight employees in Tiffin, and has an additional operation in North Ridgeville, Ohio.

JobsOhio’s grant, secured with assistance from the Regional Growth Partnership, will support a planned $321,923 in machinery and equipment upgrades and three new jobs. In addition, Tiffin Foundry and Machine worked with Tiffin-Seneca Economic Partnership and OhioMeansJobs – Seneca County on other potential incentives to support the company’s growth.

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