The city has awarded $100,000 in Community Development Block Grant funding for a microenterprise program in the downtown innovation district
CANTON The city has awarded $100,000 in Community Development Block Grant funding for a microenterprise program in the downtown innovation district.
The Economic and Community Development Institute (ECDI) announced the program in a news release Wednesday.
"With deep roots in the northern Ohio market, ECDI is well positioned to provide our 14 years of expertise in small business lending in the great city of Canton," Founder and CEO Inna Kinney stated in the release.
The institute will distribute the $100,000 over the course of a year. The intent is to provide capital to six, Canton-based small businesses and create 12 jobs, according to the release.
ECDI is based in Columbus and has offices in Cleveland, Akron and Cincinnati. ECDI's Douglas Craven can be contacted at email@example.com for more information about lending and assistance programs.
"We are excited to partner with ECDI," Mayor Thomas Bernabei stated in the release. "ECDI has a proven track record of providing affordable lending and small business development services to help low- and moderate-income, and other disadvantaged persons, start and expand businesses."
The innovation district, created in 2017, also received an annual commitment of $266,000 from various sources: the city, Stark Community Foundation and Cleveland-based JumpStart Inc.