Established in 2008, the Cuyahoga County North Coast Opportunities Fund was developed by the Cuyahoga County Department of Development in connection with the Cuyahoga Next Advisor Task Force and in association with JumpStart Entrepreneurial Network. Its goal is to encourage and develop very early stage Cuyahoga County technology companies, with a special focus on high-growth technology companies that are excellent candidates for future capital investment.
Approved companies will receive a payment-deferred, low-interest loan to complete a specific initiative or project that is expected to make the company significantly more attractive to pre-seed investors. These companies must also be located in or planning to move to Cuyahoga County and be a JumpStart Entrepreneurial Network-registered and -supported company.
Terms of the loan include:
- Amounts range from $25,000-$125,000; typical amounts awarded are in the $50,000-$75,000 range.
- The interest rate is recommended by Department of Development Staff, reviewed by the NCO Selection Committee and approved by Cuyahoga County. Typically, the interest rate is 5.00% fixed for the term of the loan.
- Payments are deferred for five years or until a significant financing event ($1.5 million or greater) occurs.
Companies with the highest potential for attracting future venture capital investment are invited to provide a short presentation to the NCO Selection Committee, which consists of the JumpStart Entrepreneurial Network Director and Entrepreneurs-In-Residence, The Incubator at MAGNET Director and a Cuyahoga County representative. The NCO Fund has six rounds of funding per year.