Federal grant will be used to support high-tech companies
Provided by The Plain Dealer
Written by Marcia Pledger
Cleveland venture development organization JumpStart Inc. has been awarded $1.5 million by the Economic Development Administration of the U.S. Department of Commerce.
It's the second award that the agency has given JumpStart since the local group was created in 2004 to help early-stage companies.
In announcing the competitive grant Friday, Sen. Sherrod Brown said the money is expected to create 650 jobs by supporting high-growth companies in Northeast Ohio.
"We're very appreciative of the support we've received from business and government leaders around Northeast Ohio," Tiffan Clark, vice president of marketing at JumpStart, said in a written statement. "It's because of statewide support of JumpStart activities that we're able to pursue funding on a national level."
The money awarded to JumpStart will be used for business assistance and training to support high-tech companies in Northeast Ohio.
The Economic Development Administration serves as a venture capital resource to promote economic development, innovation and competitiveness in communities nationwide.
"Projects supported by JumpStart Inc. will be at the center of northern Ohio's development of the tech belt," Brown said in a written statement. "By supporting high-tech businesses and helping them grow in the region, we will bring new minds and good-paying jobs to Ohio."