Recognizing 46 outstanding companies that fortify the strength of the regional economy
It is with great pleasure that I congratulate the 46 Cascade Capital Corp. Business Growth Award winners for 2013. These companies are required to be within Summit, Medina, Portage, Wayne, Stark, Ashland and Holmes counties in Northeastern Ohio.
Based on both the Business Growth Award’s criteria and the challenges facing small companies in today’s business environment, this is quite an accomplishment. A company may earn a Business Growth Award by either increasing its sales level or increasing its employee base over the course of the past five years. The importance of its growth measures far beyond actual sales and employee growth figures though.
From an economic development perspective, increased regional company sales to other parts of the state, across the nation and even internationally, enrich our local/regional economy. Receipts and profits generated by growing area companies are positively manifested when these companies purchase local goods and services, invest in new operating facilities, equipment and employees. These wealth-creating mechanisms directly lead to the economic vitality of our regional economy.
The goal of Cascade Capital Corp. is to provide meaningful financing assistance to small- and medium-sized companies poised to grow through investment in new operating facilities, equipment and human resources. Over the course of the past five years, Cascade Capital Corp. has approved financing for more than 150 local/regional company projects totaling in excess of $100 million through its core SBA 504 and Ohio 166 loan programs. The collective completion of these projects was expected to result in the creation or retention of 1,000 jobs for our region.
Cascade Capital provides affordable, long-term fixed interest rate financing directly through its SBA 504 Loan Program. The SBA 504 assists growing small- to medium-sized companies to purchase new operating facilities, equipment or even other businesses. In combination with traditional bank financing, SBA 504 offers up to 90 percent financing for these major fixed asset purchases. For building purchases, Cascade Capital can offer 20-year financing terms at fixed interest rates well below market.
Cascade Capital’s Ohio 166 Loan Program continues to offer perhaps the most competitive fixed interest rate available for business borrowers — as low as 3 percent fixed for five years and about 4 percent fixed for 15 years.
A number of 2013 Business Growth Award winners have received funding in the past from Cascade Capital through its SBA 504 and Ohio 166 loan programs.
Congratulations again to all of Cascade Capital Corp.’s 2013 Business Growth Award winners on a job well done! Thank you for your continuing role in supporting and revitalizing our local and regional economy through your sustained growth and investment. ●
Robert Filipiak is executive director of Cascade Capital Corp., an economic development finance company that has provided dependable financing options to growing small- to medium-sized companies in Greater Akron and Northeastern Ohio since 1983. Reach him at (330) 379-3160 or [email protected].
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