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North Coast Opportunities Technology Fund
Cuyahoga County Technology Loan Program Receives National Award of Excellence
The National Association of County Community and Economic Development (NACCED) professionals, an affiliate of NACo, selected Cuyahoga County’s North Coast Opportunities (NCO) Technology Fund as the winner of the NACCED Award of Excellence in the category of Economic Development. Read more...
New Worthy: Tremont Electric was our first North Coast Opportunities Loan read their success story here: Tiny Tremont Electric Finds Big Interest In Its Green-Energy Ideas
The North Coast Opportunities (NCO) Technology Fund accelerates technology-based entrepreneurship, creates new high paying jobs, and increases the flow of private investment to Cuyahoga County technology companies. Cuyahoga County established the NCO Technology Fund in the fall of 2008. The NCO Fund was developed by the County Department of Development in connection with the Cuyahoga Next Advisor Task Force and in association with JumpStart Entrepreneurial Network.
The NCO Technology Fund is a Cuyahoga County led vehicle to encourage and develop very early stage Cuyahoga County technology companies. The program targets 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.
NCO Technology Fund Loans
- Loans range from $25K- $125K, with typical loans in the $50-75K range
- 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 deferred for 5 years or until a significant
financing event - $1.5 million or greater
- Loan proceeds must be used for a specific project or
initiative that will bring the company closer to
achieving follow-on funding.
Eligibility
- Must be a high growth, technology company that is judged by the selection committee to have excellent prospects for raising venture capital in the future.
- Must be located in or planning to move to Cuyahoga County.
- Must be a JumpStart Entrepreneurial Network registered and supported company
Application
- Submit a brief description of the specific project that funding is being sought and illustrate how the project will bring the company closer to venture or seed stage funding.
- Companies with the highest potential for attracting future venture capital investment will be ranked highest by the NCO Selection Committee and be invited to provide a short presentation about the proposed project.
- Recommendations are submitted to Cuyahoga County for final approval.
- The County will draft loan documents based on the selected and approved project – the description must identify project milestones.
Please complete the NCO Technology Fund application and submit it by the dates list below:
2013 NCO Schedule
| |
Application Deadline |
Application Review Meeting |
Selection Meeting |
| Round 1 |
March 18, 2013 |
March 25, 2013 |
April 8, 2013 |
| Round 2 |
May 13, 2013 |
May 20, 2013 |
June 3, 2013 |
| Round 3 |
July 15, 2013 |
July 22, 2013 |
August 5, 2013 |
| Round 4 |
September 16, 2013 |
September 23, 2013 |
October 7, 2013 |
| Round 5 |
November 18, 2013 |
November 25, 2013 |
December 9, 2013 |
Program Outcomes:
- Cuyahoga County invested over $2.5 million to capitalize the NCO Technology Fund.
- The NCO Technology Fund has provided over $1.8 million in funding to 25 county based technology- companies.
- NCO funded companies have raised over $18 million in follow-on entrepreneurial funding, created 73 jobs and added over $3.9 million in annual payroll.
- The success of NCO funded companies has been profiled by prominent national and local media: National Public Radio, ABCNews.Com, Business Week, FoxBuisness News, Bloomberg News, hiVelocity, WKYC Channel 3, The Plain Dealer, Crain’s, and IdeaStream
The NCO Loan has allowed us the opportunity to complete our market- ready product more quickly and effectively than we could have without the capital. As a result of this progress, we are more attractive to outside investment and can begin generating revenue by early 2010.
John Knific, CEO of Citizen Groove
For more information contact:
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Gregory Zucca
Senior Development Finance Analyst
Cuyahoga County
Department of Development
1701 East 12th Street
Cleveland, Ohio 44114
(216) 443-8067
gzucca@cuyahogacounty.us |
|
John Dearborn
President
Jumpstart, Inc.
737 Bolivar Blvd.
Cleveland, OH 44115
(216) 363-3427
john.dearborn@jumpstartinc.org |
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NCO Technology Fund Portfolio Companies
