COLUMBUS– State Senator Gayle Manning (R–North Ridgeville) today announced that the Ohio Controlling Board has authorized $2,125,000 to the Lorain County Community College Foundation (LCCCF) to benefit the Northeast Ohio Innovation Fund. The Innovation Fund’s mission is to promote education and economic development by providing financial support to promising technology-based startups located in Northeast Ohio and those willing to relocate to the region.
“This is an important investment in the growing technology industry,” said Manning. “This funding, which is matched by LCCCF, will quickly aid current, growing companies, but also attract new businesses to our area, which means more jobs in Northeast Ohio.”
The funds will aid LCCCF in development of early stage technology companies in Northeast Ohio by providing investment capital, not only where funding is need, but where enhanced management services and additional assistance can significantly impact the company’s rate of success.
LCCCF will provide $2,125,000 in matching funds for the program. The Ohio Third Frontier Commission unanimously approved this project in December 2012.
Senator Gayle Manning serves the people of Ohio’s 13th Senate District, which includes Lorain and Huron Counties. She is the Chair of the Senate Transportation Committee and the Vice Chair of the Senate Workforce and Economic Development Committee. Learn more at www.OhioSenate/gov/Manning.