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Akron revitalization fund $70,000 closer to $4.5 million goal

By Jim Mackinnon Published: April 17, 2017

The Akron Community Revitalization Loan Fund has received $70,000 in new grants following challenges to area business from Akron Children’s Hospital and FirstEnergy Corp. to support the program.

The grants, from Paul Thomarios, Paul Testa, David Brennan, and the Development Finance Authority of Summit County, go to the Development Fund of the Western Reserve in support of the loan fund.

The Akron Community Revitalization Loan Fund this year is expected to start enabling business development projects in distressed census tracts and urban areas in Akron. The Development Fund of the Western Reserve, made up of Akron-area funders, will authorize projects.

The DFWR is dedicating $6.75 million in federal New Markets Tax Credit allocations, or the equivalent of $2.25 million, to further capitalize the fund. To leverage that equity, DFWR needs to raise $4.5 million from the community.

Commitments to date total $2,565,250. Also providing grants are the Medical Mutual Community Investment Fund of Akron Community Foundation, GAR Foundation, Home Savings Bank, Summit County government, the Akron Community Foundation and Allio Family Fund, and the Akron Development Fund.

Testa, chief executive officer of Testa Companies, encouraged other business and community leaders to support the fund. 

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