If so, MAGNET has loan funding that helps entrepreneurs or small businesses bring their ideas to reality.

MAGNET administers the New Product Development and Entrepreneurship Program, Product Innovation Loan Fund on behalf of the Cuyahoga County Department of Development.  In the last three years, the fund has provided over $3 million for new product development in Northeast Ohio and additional funds are now available.

The process is competitive.  Applicants will have their submissions reviewed and approved by a committee consisting of local business leaders, venture capitalists, designers, entrepreneurs and representatives from Cuyahoga County.  Applications for the current funding round are being accepted with a submission deadline of NOON EDT on Friday, April 25, 2008.  Loans of up to $115,000 can be made in phased increments ranging from $15,000 to $60,000 depending upon how much development you have already completed and what remains to be done.

The loans have an interest rate of 3.5%.  There are no interest or principal payments for the first three years after disbursement.  Small companies of less than $50 million in sales as well as entrepreneurs can use this money to fund their product development process for such activities as market research, patent services, industrial design, engineering and prototyping efforts.

Full details of the program along with application forms are available on the MAGNET website’s Cuyahoga County New Product Loan Fund page.

If you have further questions you can contact Barbara Paul by phone at 216-432-5322, or by email.

Good Luck!