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Lorain County Community College recives $1.5 million for local business-growing Innovation Fund

Tuesday, June 16, 2009   (0 Comments)
Posted by: Matthew Montoya
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Posted by ameaney June 07, 2009 14:49PM

Lorain County Community College received a $1.5 million grant to benefit its Innovation Fund, which supports entrepreneurs growing technology-based businesses in northeast Ohio, creating jobs for the area and internships for students.

The grant from the Ohio Third Frontier Success and Pre-Seed Fund Initiative program will be matched dollar by dollar by philanthropic donors, translating to $3 million in funding for 70 to 80 local small businesses over the next two years.

"It is our hope and our goal that activity of this level for a decade it will help change the culture of northeast Ohio and rejuvenate the entrepreneurial sprit within our region," said Tracy Green, director of LCCC Foundation.

With help from two other investments the Ohio Third Frontier program already distributed more than $2 million to 32 different companies since its inception in 2007.

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