By Scott Suttell, Crain’s Cleveland Business
The Burton D. Morgan Foundation in Hudson announced on Monday, Feb. 25, that its trustees have approved about $3.5 million in grants for initiatives to support entrepreneurship throughout Northeast Ohio.
More than $1.6 million in grants was directed to initiatives “supporting the adult entrepreneurship space,” the foundation said in a news release. The foundation supports entrepreneurship at the youth, collegiate and adult levels.
The largest grant, for $1 million, went to nonprofit business accelerator JumpStart Inc., to support the Burton D. Morgan Mentoring Program over the next three years. That program, now in its sixth year, “matches experienced volunteer mentors with regional entrepreneurs to provide support, guidance and expertise to help spur growth of entrepreneurs and their ventures,” the foundation said in the release.
As of last August, the mentoring program “had 167 mentors serving 177 companies that raised $155.8 million in cumulative capital and generated approximately 243 full-time jobs created,” the foundation said.
The foundation made a $500,000 grant to support for the next three years the Fund for Our Economic Future, a regional collaborative dedicated to advancing economic growth and equitable access to opportunity in Northeast Ohio through research, civic engagement and grantmaking. Since its founding in 2004, the Fund has helped its partners jointly retain or create 33,900 jobs, add $1.5 billion in payroll and attract $8.4 billion in capital to the region, the foundation said in the release.
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