Story excerpt provided by Crain’s Cleveland Business.
Written by Jay Miller.
The city of Cleveland, Ohio is extending a $150,000 loan to the local research center of a Massachusetts biomedical company that is developing stem cell- and tissue engineering-based wound care products.
Arteriocyte Inc. will use the loan for working capital as it expands its local operation.
Although the loan is small for a company that has raised millions of dollars in venture capital and federal research grants, Cleveland economic development director Tracey Nichols told a city council committee last Tuesday, March 3, that this kind of loan helps anchor companies to the city.
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Originally published March 8, 2015.