Cleveland Foundation Makes Grant Award
to Innovative Minority Business Initiative

The Cleveland Foundation has a reputation for innovative leadership and support to local and regional economic development. It continued that tradition recently by awarding a $1.5 million program-related investment (PRI) to support the MWV Pinnacle Capital Fund, a limited partnership investing in minority owned, controlled or led businesses in Northeast Ohio.

The Presidents’ Council, which consists of the CEOs from Northeast Ohio’s largest African-American businesses; The Cleveland Commission on Economic Partnerships and Inclusion, a broad-based group of employers and community leaders developing and implementing programs to improve economic inclusion in the area; and Cleveland Tomorrow sponsored the Fund’s creation. The Fund will provide equity capital to minority businesses, the lack of which has been identified as a significant impediment to minority business growth in the region.

Hopefully we will hear more about this interesting initiative very shortly. Go here to learn more.