Organizers of Cleveland Chain Reaction, the local economic development contest that awards local small businesses with growth capital and helps them locate their operation to a particular neighborhood of focus, have announced a new funding structure for its third “season” this year, which focuses on Collinwood.
The new structure positions JumpStart Inc. and the Greater Cleveland Partnership as lead investors in the winning businesses. Each will pledge $125,000 to be awarded to the five winners, guaranteeing a pot of at least $250,000, or at least $50,000 for each business. Those groups didn’t make investments as part of the contest in the past.
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Story excerpt provided by Yahoo Finance.
Written by Jeremy Nobile.
Originally published June 19, 2019.