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Wooster Opportunity Loan Fund
The Wooster Opportunity Loan Fund supports early stage, high-potential technology companies located in or willing to move to Wayne County. The fund awards loans of up to $35,000 to companies with high potential to raise venture capital money and create new jobs. Loan proceeds must be used for a specific project or initiative that will bring the company closer to obtaining pre-seed funding; in addition, these loans are secured by the intellectual property and other assets of the company.
These loan payments are deferred for five years, or until:
Companies receive a significant financing event (greater than $1.5 million)
The company—or a substantial amount of its assets, greater than 51%—is sold
The company fails to comply with the terms of their agreement (e.g., leaving Wayne County)
This Fund was developed by the City of Wooster and the Wooster Growth Corporation, in collaboration with the JumpStart Entrepreneurial Network and with support from the Wooster Area Chamber of Commerce, Wooster Community Hospital, the Wayne Economic Development Council and Cascade Capital.
“What we are trying to do is develop new businesses, because that truly is the lifeblood of a community. We can pay our bills through the jobs they make.” –Bob Breneman, Mayor, City of Wooster