Since 2008, the Cuyahoga County North Coast Opportunities (NCO) Technology Fund has been helping high growth technology companies thrive and create jobs, and the deadline for the latest round of funding is November 18.

NCO provides deferred loans ranging from $25,000 to $125,000 at an interest rate of five percent. Repayment is deferred for five years or until the company receives $1.5 million in follow-on funding. NCO offers six rounds of funding per year, awarding money to one company each round.

“The program was created to accelerate tech-based entrepreneurs and create new jobs,” says Greg Zucca, senior development finance analyst for the Cuyahoga County Department of Development. Since it started, the fund has invested $2.6 million in 26 companies. Those companies have gone on to raise $19 million in follow-on funding, created 77 jobs and added $4.6 million in annual payroll.

While Cuyahoga County provides the loans, JumpStart provides the assistance to help the companies grow and thrive. “JumpStart assists through programs like its Entrepreneur in Residence and makes recommendations for places the companies can go to get follow-on funding,” says Zucca.

The hope is to develop early stage companies that have potential to boost the regional economy. “It’s good for Northeast Ohio because there are a lot of early stage companies here,” says Zucca. “We’re really trying to feed the system and create a continuum for these companies as they are maturing.”

Source: Greg Zucca
Writer: Karin Connelly