CINCINNATI (AP) — The Cincinnati area chamber of commerce is launching its effort to provide financing for economic development to minority-owned businesses.
The Cincinnati USA Regional Chamber’s fund offers flexible debt capital for African American- and Hispanic-owned companies. The chamber’s Minority Business Accelerator will begin this week accepting applications. It expects to make three to four loans a year, with an average size of $175,000.
Named for late media owner and entrepreneur L. Ross Love, the GrowthBridge Fund has raised more than $1.7 million from 28 investors. The Greater Cincinnati Foundation has invested $500,000 in the project. Fundraising is continuing toward a goal of at least $2 million.