WASHINGTON D.C. - U.S. Sen. Sherrod Brown (D-OH) today announced that $1.5 million has been awarded to JumpStart Inc. by the U.S. Commerce Department's Economic Development Administration (EDA). The award will fund action plans and training assistance programs for entrepreneurs and early-stage businesses in Northern Ohio.
"Projects supported by JumpStart, Inc. will be at the center of Northern Ohio's development of the tech belt," said Brown. "By supporting small and emerging businesses and helping them grow in the region, we will bring new minds and good paying jobs to Ohio."
JumpStart Inc. will work with local collaborators and economic development partners to determine community-specific approaches to address the needs of new businesses and prepare the communities for the transition from an automotive manufacturing-dependent industry to a high-tech, entrepreneurial-based economy.
These federal funds were awarded by the EDA, which serves as a venture capital resource to promote economic development, innovation, and competitiveness in communities across the United States. In Oct. 2009, JumpStart Inc. was awarded the 2009 Excellence in Economic Development Award for Excellence in Urban or Suburban Economic Development.
Brown has been working to promote economic development across Ohio by supporting the growth of emerging industries. In September 2009, Brown introduced legislation that would support and create "business incubators" in hard-hit regions of Ohio and the country. Under Brown's proposal, more Ohio communities would be eligible to receive funds, with support through the Economic Development Administration (EDA) directed to economically hard-hit regions. Business incubators provide support to existing and start-up companies, helping them to grow and create jobs. According to an independent report commissioned by the EDA, for every $10,000 in EDA funds invested in business incubators, an estimated 47-69 local jobs are generated. In rural areas, business incubator projects are the most effective type of EDA projects.