Sept. 19, 2011, 12:08 p.m. EDT Critical Capital: Loan Fund Offering Money Entrepreneurs Need, When They Need It Most MANSFIELD, Ohio, Sept. 19, 2011 /PRNewswire via COMTEX/ -- The Braintree Business Development Center formally announced the launch of Appleseed Microfinance, a loan fund that provides relatively small amounts of capital--from $1,000 to $35,000--to high potential small businesses at crucial junctures in their development. The money is designed to meet a specific need and eligible companies can use the money for equipment, inventory, business debt restructuring, working capital, and short-term projects. "This isn't about keeping the lights turned on, we're making resources available to Northeast Ohio entrepreneurs with big ideas so they can overcome specific hurdles to growing their businesses," explains Bob Cohen, Braintree CEO. "We want to enable these emerging companies to generate jobs and wealth for their community and the region." But Braintree has more than money to share with young companies. In addition to capital, the Mansfield incubator, now celebrating its 25th anniversary, also offers experienced mentors and includes the resources of a Small Business Development Center, a Manufacturing and Technology Small Business Development Center, and an International Trade Assistance Center. Braintree is a member of the JumpStart Entrepreneurial Network, a connected group of advisors, incubators, and funds working across 21 counties of Northeast Ohio. JumpStart President John Dearborn believes there is a need for different types and sizes of funds in the region's burgeoning ecosystem of support. "Even small amounts of capital at a critical time can help entrepreneurs to prove a technology and more quickly transition their ideas into the market. And companies that use that money to reach a specific milestone can be connected to other resources across the region for future assistance."
Appleseed Microfinance was implemented a few months ago, but its investment capabilities and its reach will continue to expand as more money becomes available. Cohen believes this new tool will be effective in supporting local entrepreneurial companies. "We've identified common cash flow and capital needs and are targeting those." Entrepreneurs interested in Appleseed Microfinance should contact Barrett Thomas, SBDC Business Advisor, at 419.525.1614. About JumpStart Entrepreneurial Network. The JumpStart Entrepreneurial Network is a connected group of Northeast Ohio entrepreneurial support organizations giving high growth entrepreneurs a place to start their search for assistance and providing them with the right resources at the right time to grow their businesses. Members of the Network include pre-seed and seed funds, incubators, business advisors, and an online community. The JumpStart Entrepreneurial Network is managed by JumpStart Inc., a non-profit organization transforming the economic impact of entrepreneurial ventures and the ecosystems supporting their growth. About Braintree Center for Business Innovation Braintree Center for Business Innovation is a non-profit business incubator that assists business startups and emerging companies via counseling, customer referral, access to capital, and training opportunities. Tenants and clients are offered a series of services including a support system of successful entrepreneurs, flexible space, links to accounting, financial and legal professionals, one-on-one business consulting, and networking opportunities with other small businesses. Braintree is celebrating its 25th anniversary. SOURCE Braintree Center for Business Innovation Copyright (C) 2011 PR Newswire. All rights reserved