Loans Available Through MAGNET

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 NE 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 capitalist, designers, entrepreneurs and representatives from Cuyahoga County. Applications for the current funding round are being accepted with a submission deadline of noon 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 has already been completed and what remains to be done.