MAGNET recently announced that applications for the next round of funding through the Cuyahoga County New Product Development Loan Program will be accepted starting Tuesday, September 4, 2007.  The application deadline is NOON on Friday, September 28, 2007.The fund, developed by the Cuyahoga County Department of Development and administered by MAGNET, has provided $2 million in loan funds for new product development in 2005 and 2006 and will provide an additional $1.25 million in loan funds in 2007. The process is competitive and loan applications are reviewed and approved by a committee consisting of local business leaders, venture capitalists, product designers, entrepreneurs and representatives from Cuyahoga County.

Only entrepreneurs and companies under $50 million are eligible to apply for the program.  In exchange for a low interest loan, recipients must agree to manufacture their product in Cuyahoga County for the first seven years. Application Process:
Documents used in the application process can be downloaded by clicking here. Additional reference documents are also available on the website at http://www.magnetwork.org/programs/cuyahoga-loan-fund.htm.Applications should be emailed to Barbara Paul at barbara.paul@magnetwork.org. Electronic transmittal is the preferred method of delivery, however applications can also be mailed or hand delivered to:

    Barbara Paul
    MAGNET
    1768 East 25th St.
    Cleveland, OH 44114

Deadline:
Applications for the next round of funding will be accepted starting Tuesday, September 4, 2007.  The application deadline is NOON on Friday, September 28, 2007.

Information:
For more information about the program, including terms of the loan, restrictions, FAQs, judging criteria and tips for completing the application, please visit the MAGNET website. You can also contact Barbara Paul at (216) 432-5322.