Succession Planning – It Ain’t Over ‘Til it’s Over.

June 11, 2014 by

business (11)Your small business has been successful.  It has provided you and your family income and personal satisfaction.  It’s been a good run and you’re ready to move on to the next phase of your life – do some traveling, go fishing and spend time with the grandkids.

About 2 months before you retire you tell everyone the succession plan.  1. The business will provide your retirement income.  2. Your son, daughter and/or key person will take over.          3.  You will have a party, eat some cake and make a speech.  This is the most common succession plan among small business owners.

However, the belief that it’s enough planning and that “everything will work out” is usually wrong.  It rarely works because it’s not actually a plan.  A successful succession plan takes time, money and effort.  It can be one of the most difficult challenges an owner will face.  It’s difficult for a variety of reasons.

The owner may have become complacent over the years and doesn’t want to make the hard management/personnel decisions that need to be made, which are mandatory in a good succession plan.  A poor management choice can close a formerly thriving business in just a few years.

A successful plan needs time and may take over a year to implement.  This can be hard for someone who has a tough time giving up control or is conflicted about retiring.  If procrastination is a part of his management style he may be counting on someone else “to figure it out when I’m gone”.

Finally, outside assistance is essential and many owners find it difficult to see the need for and to ask for help.  Now is not the time for your pride and ego to get in the way.  A good plan requires the input of professionals who understand the management (consultant), legal (lawyer) and financial (accountant) issues.

Because it’s difficult most owners avoid succession planning to the detriment of the company, their employees and their retirement.  Avoidance and passing the buck seldom works and can lead to damaged personal and professional relationships, decreased wealth and closure of the business.  It’s not uncommon for owners to have to come back and attempt to rescue it.

As Yogi Berra said, “It ain’t over ‘til it’s over.”  A complete, thought out and well executed plan starts well before the actual day of retirement.  This approach provides the needed stability to make a complete transition, one which safeguards the business’s wealth and sustains harmony among the employees.  Successful owners manage the succession plan as they have managed their company, with forethought and good stewardship, right up until the cake and speech.

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Ohio Unemployment

June 10, 2014 by

business (3)The United States unemployment rate for April was 6.3% down from 6.7% back in March.  The April rate is a 1.2% decrease from last year, and it seems it has been steadily decreasing over the last 12 months. In Ohio we are doing a little bit better than the national average. Ohio’s unemployment rate was 5.7 % in April 2014, down from 6.1 % in March.  Small businesses across our nation provide a great percent of the jobs created, and in Ohio small business provide more than half the jobs. Helping them succeed should be a top priority for the Ohio government, and providing them with resources and guidance can make a huge difference.

Read more about business in Ohio by following the links below.

Ohio Growth Summit seeks to unleash job-growing power of small businesses

Fully 99 percent of Ohio businesses have fewer than 100 employees – and though they’re small, they still provide 60 percent of the jobs.

The key to exponential job growth is for public-private partnerships to help micro-companies progress to the 10-99 employee stage, said Jerry Ross, executive director of the National Entrepreneur Center in Orlando, Florida.

“We are a small-business country,” said Ross, opening speaker of the Ohio Growth Summit entrepreneurial conference being held Wednesday and Thursday at Columbus State Community College.

“What we need to do as communities is say, ‘How do we get together to grow our small businesses?’ ” he said. “The leaders need to start talking to each other.”

Ross’s center combines the forces and expertise of 12 different economic development agencies under one roof, including the U.S. Commerce Department, the University of Central Florida’s Small Business Development Center and incubation program, the Orlando chapter of the Score business mentorship group and several minority business associations

SEA Change, a new Cleveland business accelerator, is looking for startups with heart: the Mix

CLEVELAND, Ohio–If you have an idea for a smartphone app or an Internet-based service that could conceivably scale to something big, and make people rich, there are several business groups in Northeast Ohio that might help you get started.

But what if your venture is intended mostly to solve a social problem or better the world? Good luck. There really has not been any place to take such a notion locally–until now.

This week, a group of entrepreneurship enthusiasts will introduce SEA Change, the region’s newest business accelerator and one that aims to add a new dimension to local innovation.

As a social enterprise accelerator, SEA Change will offer training, connections and capital to startups that have humanity at heart, organizers say. Noble ventures could partake of thousands in seed money.

More details will be revealed Friday, when SEA Change is launched at Shaker LaunchHouse, one of the collaborators behind it. And much will not be revealed because no one is quite sure how SEA Change will evolve.

Ohio Business Owner Sentenced For Lapsed Comp Coverage

Columbus, OH (WorkersCompensation.com) – A Ravenna (Portage County) business owner was ordered to pay $3,500 in connection with lapsed workers’ compensation coverage. Ronald G. Larlham pleaded guilty May 12 in Portage County Municipal Court to workers’ compensation fraud, a first-degree misdemeanor.

“Businesses in Ohio cannot operate with lapsed workers’ compensation coverage,” said Bureau of Workers’ Compensation Administrator/CEO Steve Buehrer. “The bureau makes good faith attempts to work with businesses to bring them into compliance, but if unsuccessful, we must take the issue to court to comply with state law and to protect the State Insurance Fund.”

The BWC’s compliance department referred the matter to the Special Investigations Department’s Employer Fraud Team (EFT) after Larlham continued to operate his business, RGS Automotive in Ravenna, with lapsed workers’ compensation coverage. He had failed to work with the compliance department to bring the company’s policy back into compliance. EFT agents then made numerous attempts to bring the company’s policy back into compliance. The case was referred to the Portage County Prosecutor’s Office.

 

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How the Ohio BWC is Hurting Small Businesses

May 28, 2014 by

business (3)News about the Bureau of Workers Compensation and the illegal practices against small business, the cost to Ohio workers and the state as a whole is nothing short of abhorrent.  How many small businesses have scraped by or gone under because of the high rates imposed by the BWC? Small business with less capital are  at the mercy of these institutions, and the rates that have been historically and inexplicably high have certainly put a burden to the small business owner. Read more about this topic by following the links below.

BWC is hurting small businesses

The Ohio Bureau of Workers’ Compensation is hurting the majority of job creators in Ohio — the small business owner, like me. It overcharged me and Ohio’s other small business owner so it could give a few businesses, usually the larger companies, huge price breaks on their worker’s compensation coverage premiums. A court has ruled that the BWC overcharged me — to the tune of several hundred dollars a year, and the majority of other small business owners illegally. It is sitting on an $8 billion (that’s right billion with a “b”), but refuses to pay the judgment against it; even after losing the frivolous appeal it filed to try to overtune the judgment against it in favor of the small business owners it overcharged.

It’s time for the BWC to do the right thing, take responsibility, and pay the judgment against it in favor of the small business owners it overcharged. And every day the BWC refuses to honor its obligation, it is costing Ohio $2.3 million dollars a month. It’s time for the BWC to meet its responsibility to pay its obligation to the roughly 270,000 employers who struggled to pay the Bureau’s illegally inflated premiums when paid and who continue to thwart the same roughly 270,000 employers from investing on the future of Ohio’s economic comeback.

Ohio Senate approves bill to expand income, business tax cuts

COLUMBUS, Ohio — The Ohio Senate on Wednesday approved one-year expansions of state income and small-business tax cuts, as well as raising tax credits and exemptions for poorer Ohioans.

The Republican-sponsored measures in House Bill 483, which passed the Senate, 24-8, come as a result of higher revenues and lower state spending than expected.

Under the revised budget review bill, a 9-percent income tax cut previously approved for this year would be increased to a 10-percent cut. The move would save taxpayers an additional $94 million this year, according to state Sen. Scott Oelslager, a North Canton Republican.

Another change would give businesses making $250,000 or less a 75-percent business tax deduction for 2014, up from a 50-percent deduction in current law. That would mean $225 million in savings, Oelslager said.

System works against small businesses

For many years, the Ohio Bureau of Workers’ Compensation has favored some businesses and charged more for others (“Appeals court: Ohio businesses were overbilled,” Dispatch article, May 17). This ends up making the small mom-and-pop shops that employ many Ohioans the bearers of undue burdens.
Many of us go out of business due to these unfair practices.

The Bureau of Workers’ Compensation has lost its case in court, and again lost its appeal. It’s time for Ohio small businesses to get what is lawfully theirs.

We are Ohio. The bureau is here to serve us, not themselves.

JOHN ANDERSON
President/CEO
Anderson Computer Consulting
Marion

Regulators close small lender in Ohio

WASHINGTON — Regulators have closed a small lender in Ohio, marking the eighth U.S. bank failure of 2014 after 24 closures last year.
The Federal Deposit Insurance Corp. said Friday that it has taken over Cincinnati-based Columbia Savings Bank.
The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.
United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings’ deposits and to buy essentially all of the failed bank’s assets. Columbia Savings’ failure is expected to cost the deposit insurance fund $5.3 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession. They declined to 92 in 2011 and fell to 51 in 2012.

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3 Types of Networks Every Leader Should Develop

May 26, 2014 by

business (9)Every organization has a “go-to person”, the leader who can successfully get things done, who knows everyone and is well liked.  The one some call a natural leader and while others say he’s/she’s “just lucky”.  However, chances are, luck has very little to do with it.

Organizations are social structures created and operated by people.  Leaders effectively navigate them by building and maintaining the relationships they need to be successful.  In the article “How Leaders Create and Use Networks” (Harvard Business Review, 2007) Herminia Ibarra and Mark Hunter identified the 3 types of networks successful leaders have or should develop.

Operational – This network is internal to the organization and is developed to get work done effectively.  The goal is to build strong functioning lateral relationships by identifying who can be counted on in other departments (HR, IT, accounting, etc).  It’s equally important to identify individuals who are depending on you and to be an essential part of their network.

Personal – This network is mostly external to your organization and is crucial to your personal and professional development.  Successful leaders have an eye on the future and become involved with outside activates, which provide opportunities to meet useful contacts.  The key to establishing this network is to be involved in the activity and not just show up.

Strategic – This is a leveraging network that separates the leaders from the managers.  It’s both internal and external to your organization and is oriented to the future.  Identify your future priorities and challenges, and then secure support for them with the people in this network.  Formal or informal mentors and coaches are usually a part of it.

The main factor in successfully building and maintaining all 3 networks is to give more than you take.   Leaders know that establishing relationships, doing a favor, showing interest in someone, giving a referral and communicating face to face is still how things get done.  Yes, it can be time consuming, but as Coleman Cox said, “I am a great believer in luck.  The harder I work the more of it I seem to have”.

Nicole Abbott – writer, educator and psycho-therapist

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Are You In The Right State To Start A Business?

May 20, 2014 by

business (8)The small business sector has been for many years an employment power in the United States, it accounts for more than half the jobs generated in this country since 1995. There are approximately more than half a million businesses generated each month and although of those businesses only 7 out 10 will make it past the 2 year mark, the entrepreneurial spirit of Americans is well deserved. The question now to ask is whether you are in the right state to start a business, or you need to think about the pros and cons of starting your business where you are.
Read more about this topic by following the links above.

Here’s where Ohio ranks on small business friendliness

A national small business advocacy group says Ohio ranks among the top 10 for its tax code’s friendliness toward business.

The anti-tax Small Business & Entrepreneurship Council ranks Ohio No. 8 for its tax system’s overall friendliness toward small business. Ohio’s neighbors, Indiana and Kentucky, ranked 11 and 32, respectively.

The “Small Business Tax Index 2014” looked at 21 different measures to determine a state’s tax friendliness. Those include the top personal and corporate income tax rates, top capital gains and dividends tax rates, property taxes, additional taxes on S-Corporations, unemployment taxes, and whether a state has a death tax.

“When it comes to state and local taxes – as well as levies at the federal level – the direction that policy should be pointed is clear. Keep the overall tax burden low. Preferably, do no [sic] tax income at all,” the group writes in its report.

Dayton No. 66 among best cities for small business

Dayton trumps Detroit, Las Vegas, Birmingham and many others when it comes to the best city to work for a small business.

The Miami Valley ranks No. 66 in the U.S. for small businesses, according to a new ranking from Wallethub.

Cities were evaluated by several metrics, including the number of businesses with fewer than 250 employees per 1,000 inhabitants, industry variety, net small business job growth, average monthly earnings for new hires and average number of hours worked.

Columbus was the top-ranked Ohio city at No. 23.

The top city on the list was Minneapolis, followed by Salt Lake City and Miami.

Stockton, Calif. ranked last.

NBC4 Investigates: Why Does Ohio Owe Businesses $1 Billion?

COLUMBUS, Ohio – As Ohio’s economy begins to recover, the state is clearly focused on jobs, and numbers show some growth, but did the state actually harm more businesses in the past?
An NBC4 investigation reveals how one state agency allegedly crushed thousands of small businesses.

While the jobs picture in Ohio is rebounding, a huge shadow is being cast by the past – and the bureaucracy in the Bureau of Workers’ Compensation (BWC).

Small businesses can’t operate without worker’s comp insurance, and in Ohio, they can only get that from BWC.

Unlike other states that carry private insurance, Ohio’s BWC is a monopoly.

In 2006, Ron Foreman owned a successful contracting company, which used to be located near downtown Ashville, and employed 40 people.

Freeman’s family, including his two sons at West Point, was prospering. His small business was a model of what state leaders say they want in Ohio.

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Why Your Employees Won’t Listen to You

May 15, 2014 by

business (10)Talk to any manager about the problems they’re having with their employees and one of the main complaints is, “They won’t do what I tell them to do.”  However, the problem is often with the supervisor and not with the employees.  Many mangers don’t want to do the job of managing; they want the employees to manage themselves.

But, if you’re a manager who wants to manage and are looking for ways to get your employees to respond better, the fact that you may be the problem is good news.  If it’s your problem then the solution lies with you, it’s in your control to change.  With coaching, some practice and a little introspection the problem of getting people to follow your instructions can be greatly reduced.  These are the 3 most common errors many supervisors make.

Poor communication skills – The biggest problem people have with communication is assuming it has taken place.  Effective communication skills don’t come naturally to most people, they must be learned.  An effective manager will make the effort to learn the skills.  Ultimately being a better communicator will make your professional and personal life easier.

Don’t want to be the “Bad Guy” – Many managers don’t want to be the bad guy, they want to be liked.  However, kindheartedness is frequently a pretext for weakness.  It’s more important to be respected than liked.  People will like you and still take advantage of you.

Poor or no follow through – Countless managers mistakenly believe, “I shouldn’t have to hold their hand. I should only have to tell them once and they should do it.”  This idea shows a poor understanding of human nature.  People learn through a repetitive 3 step process – instruction, supervision (manager, parent, teacher) and consequences for poor work or praise for good work.

After you’ve corrected your errors and have consistently implemented the changes, you‘ll find most employees will understand and perform better.  However, there will always be difficult employees who no amount of communication will help.  But, with your new skills and knowledge you’ll handle them more effectively.  You’ll be a manager who’s managing.

Nicole Abbott – writer, educator and psycho-therapist

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The Benefits Of Having A Virtual Team

May 13, 2014 by

business (2)The integrated workforce experience page at Cisco tells us that the company sales force consists of 20,000 people in 87 countries, and keeping abreast of the new products, solutions and architectures is a critical task.  Although your company may have a smaller workforce than Cisco, the challenges and rewards of having a virtual workforce is indubitable.  Keeping your team engaged and collaborating with other team members may not be as easy as you would think.  The challenges of keeping your team members offering great customer service (if you are a service company) may not be easy to track if you do not have a good system in place. Training and engaging your virtual team is a must for your business and the rewards you can achieve with them can be beneficial for all parties.

Building an All-Star Virtual Team

Employers and managers are often skeptical when it comes to hiring virtual workers.

To build a virtual team of employees, trust and confidence factor into the hiring process. Indeed, some employers never meet candidates in person. Yet that employee is involved with building a company’s success; no wonder some managers are nervous when it comes to hiring virtual workers.

Apprehensive about hiring telecommuters? Consider current trends about virtual work environments: According to Forrester, nearly 34 million Americans are working from home and telecommuting is expected to rise 43 percent in the United States by 2016.

Virtual teams allow an employer to tap into some of the best talent available because recruiting is not restricted by geography. By opening up positions to candidates across the world, companies such as Upworthy, Buffer and Mozilla have experienced success with virtual teams, finding individuals who are truly passionate about what they do.

Smells like team spirit

A virtual workforce opens up access to a global talent pool, but needs special attention and a personal touch to build trust among members spread across geographies

The website that you use for online shopping or the aircraft that takes you places have most likely been built through the collaborative effort of teams dispersed across continents. Organizations are increasingly turning global to take advantage of diverse talent, achieve operational and cost effectiveness, and inculcate the ability to respond to market demands with swiftness to be able to thrive in a highly competitive environment.

Virtual teams are the order of the day and, this, of course, has been facilitated by the rapid advancement of technology which has helped transcend distance, time zones, cultures and organizational boundaries. Virtual teams embody a distinctive shade of group dynamics, along with their concomitant set of unique challenges. There are umpteen examples of teams that have outshone their collocated counterparts in terms of productivity and effectiveness, but there are plenty that have shrivelled and fallen apart. So what makes a virtual team tick?

Managing & Achieving Goals with a Virtual Team

Managing one or two remote workers can be difficult enough–never mind an entire team of virtual employees! Whether it’s for a short period of time or a long-term work situation, virtual teams are becoming a more common occurrence in the modern workplace. There are many benefits for both the team members and the employer, such as less time spent traveling to meetings and a reduced commute for employees. However, virtual work needs to be monitored closely to ensure quality and productivity. There are a number of available tools that make this task much easier.

1.  UberConference: UberConference is a hit among virtual workers and those who manage them. The rich interface is actually quite easy to use, and provides virtual workers with a number of tools and resources they need to easily complete a remote work assignment. This is a good option for those who need to participate in remote conference calls, as it allows workers to easily connect to and chat with others.

Filed Under: Ohio Business News Tagged With: , , , , , , , ,

What Does Your Small Business Need?

April 30, 2014 by

business (8)It takes a different kind of person than the average Joe to start a business.  The demands and challenges a small business or a startup have are numerous, and the rewards sometimes are not as glorious as one imagined.  Small businesses in the state of Ohio in 2008 totaled 902,369 according to the SBA, and although there has been a shift in employment by the small business sector, the improvement in the economy will surely have a good impact in job creation in the state of Ohio.

Read more business news by following the links below.

Legal-Ease: Small business needs team of advisers

An owner’s intelligence or work ethic is not always dispositive of a small business’s (including a farm’s) success.

In fact, the “advisory team” for a small business can disproportionately affect that business’s success or failure. That advisory team consists of more than the attorney. There are five crucial “partners” for each entrepreneur: attorney, accountant, insurance agent, lender and financial adviser.

A good attorney will help a small business owner minimize liability and make the business practically workable. Very few attorneys can lawfully claim they are specialists because there are limited subject matters for which there is lawful certification as a legal “specialist.” However, some attorneys limit their practices to specified aspects of the law or have deeper passions for certain subject matters over others.

Ignore that Accounting Problem — At Your Own Risk

Show me an entrepreneur who says they’ve never encountered an accounting problem and I’ll show you a liar. That may sound a bit extreme, but the point is simple: from a lost invoice to overlooked write-offs to something perhaps more nerve-wracking (audit, anyone?), perfection in accounting is pretty much a myth. And that’s OK.

But just because perfection is a myth, it doesn’t mean that as you discover an accounting issue, you can shrug it off and chalk it up to the imperfect nature of the universe. Why not, you ask? Because accounting issues are like wounds: untreated, they fester. And they can get nasty — quickly.

Let’s say you do some car detailing and repair out of your garage. It’s a side gig — sort of. You quote jobs verbally and “invoice” the same. After all, you’ve only done work for friends and neighbors, although you have started gaining a few referrals to folks you didn’t previously know. When you collect payment, you prefer cash, but will take a check and deposit it into your personal checking account. You’re now pulling in a nice chunk of change each month from your “side gig.”

The 6 People Every Startup Needs

There’s no magic bullet for startup success, but your team can often make-or-break it, says entrepreneur Bernd Schoner.

Schoner, who has a Ph.D. from MIT and was co-founder of RFID technologies startup ThingMagic, sold his company to Trimble Navigation in 2010 for an undisclosed sum.

ThingMagic had an original team of five co-founders. But by the time the company was acquired, Schoner says only two were remaining – leading him to think more closely about team dynamics.

“There are certain roles that people assume in a typical tech company or startup that make sense and I think if you are careful about that, then your odds of success go up,” says Schoner. He is author of the upcoming book: ‘The Tech Entrepreneur’s Survival Guide.”

While some companies start out with just one or two employees, Schoner says there are six key personality types he believes make for a great team. Here is the recipe for his dream lineup:

No. 1: The prima donna genius
“I think it’s commonly accepted in a tech startup that you better have someone with technical knowledge,” says Schoner. “You want to have someone be able to lead the technical agenda of the team.”

No. 2: The leader
Typically the CEO, Schoner says it’s important to have one person calling the shots.

“For larger founder teams … It can get very tricky if there are five opinions and all have equal weight. Democracy is great, but not in a startup,” says Choner. “The leader or CEO doesn’t always need to be right, but if [he or she] is a leader figure that others can look up to, then that’s a good thing.”

Filed Under: Ohio Business News Tagged With: , , , , , ,

Reasons Never To Neglect Existing Customers While Pursuing New

April 24, 2014 by

business (10)There is a danger that lurks in the relentless pursuit of new customers. With performance measurement so often geared toward new customer acquisition, many, from the CEO to the individual relationship manager, might be tempted to shift focus from an existing book of business. This can even take place subconsciously. Rest assured, however, customers will ascertain the level of service that is being delivered. To keep from drifting away from stellar service and neglecting customers, here are some points to consider;

1) Remember the cost of acquisition. Of course, every customer you have comes with a cost, and many businesses have this defined down to the cent. It is helpful to think of the process of acquisition as well. How many introductions, meetings, lunches and proposals did it take to earn the customers’ business? What effort was put forth in the onboarding process? Contemplate this the next time you are tempted to skip that quarterly review or to decide that a thank you note really isn’t necessary.

2) In many industries, the best source of new business is your business. Think of your best customers. Would you like to have more of them? Would they recommend you and/or your company? Many would agree that the answer to that question will go a long way toward determining your ultimate level of success. Still, some struggle with asking for referrals. This could stem from a lack of confidence. Really, would you hesitate to ask for a referral when you are truly proud of the way you have taken care of a customer?

3) Finally, constantly remind yourself that your top 10 customer list is someone else’s top 10 prospect list. Don’t fool yourself into thinking that whatever good or service you are providing is simply not to be obtained elsewhere. This is rarely the case. Neglecting customers leaves the door open to your competitors, and you may not even realize it.

Your overall business will not grow unless you can obtain and retain customers. Keeping these principles in mind can help you do both.

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New Funds For Small Business In Ohio

April 22, 2014 by

business (3)The U.S Department of the Treasury announced Thursday that it will transfer $18.1 million to Ohio to help small business lending to companies and small business entrepreneurs.  These funds will provide Ohio small business owners the available resources to help create jobs thus improving the Ohio economy.

Read more about this by following the links below.

Ohio offers more money for small business loans, using once-controversial funds

WASHINGTON, D.C. – Ohio just got more than $18 million to loan to small businesses, which officials say should seed $180 million in private loans from banks.

The $18.17 million is being transferred from the U.S. Treasury Department to Ohio’s Development Services Agency, which will work with businesses and bankers to expand or start small companies that are deemed credit-worthy and promising but need help meeting collateral or other underwriting standards.

In some cases, this is because the value of their inventories or real estate declined during the economic downturn, creating a shortfall between their collateral and their financing needs. Bank rules require them to have more money on hand or more value before a loan can be issued.

The federal money, through the state’s Collateral Enhancement Program, can help make that up. It also will help businesses through related programs: the Ohio Capital Access Program and the Targeted Investment Program. The state previously received $12.4 million for these programs and stands to get $24.5 million more once the new amount is put to use, according to Treasury Department figures.

Fed transfers $18M to Ohio small business lending program

The U.S. Department of the Treasury on Thursday announced the transfer of more than $18.1 million to Ohio to support the state’s small business lending program.

Through the State Small Business Credit Initiative, the funds will support Ohio’s Collateral Enhancement Program, Ohio Capital Access Program and Targeted Investment Program.

Officials said Ohio will use the funds to leverage greater levels of private lending and investing in small businesses located in the state, often by partnering with local community banks.

“Ohio continues to leverage federal State Small Business Credit Initiative funds to attract new loans and investments to the state’s small businesses,” said Cliff Kellogg, director of the State Small Business Credit Initiative, in a statement.

“These funds are intended to continue the state’s partnership with local entrepreneurs and small business owners to provide new sources of capital, help create jobs, and improve the economy,” he said.

Playhouse Square seeks to fill empty retail spaces through small-business grant contest

New signs, including archways like the one pictured here, have popped up in downtown Cleveland’s Playhouse Square district during the past few weeks. As the theater district finishes a $16 million transformation of its public spaces, the Charter One Foundation and the Downtown Cleveland Alliance are running a grant contest to revive empty storefronts on East 14th Street and Euclid Avenue. (Marvin Fong, The Plain Dealer)

Small businesses seeking space in downtown Cleveland’s theater district will have a shot at $1,500 to $20,000 in grant funding through a program that has helped fill other empty storefronts in the city.

The Charter One Foundation and the Downtown Cleveland Alliance announced Monday that they’ve teamed up with Playhouse Square to launch a grant competition that ends May 16. The money, $20,000 in all, could help a handful of businesses or a single entrepreneur cover start-up costs such as rent, equipment and fixtures.

Playhouse Square is targeting the Hanna Building, the Hanna Building Annex and the Keith Building — two office buildings and a residential redevelopment where the upper floors are largely full but some street-level retail spaces sit vacant. The empty storefronts, on Euclid Avenue and East 14th Street, range from 420 square feet to 3,257 square feet.

 

 

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