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Philanthropic Collaboration Approves $7.8 Million Grant Budget for 2010

CLEVELAND--March 3, 2010--Members of the Fund for Our Economic Future today approved a 2010 grantmaking budget of $7,810,000 to continue the philanthropic collaboration’s support of regional efforts that strengthen Northeast Ohio’s economic competitiveness.

The Fund, which is made up of dozens of philanthropic organizations and individuals across 16 counties, is scheduled to consider awarding grants in June and September to the following six regional economic development initiatives:

  • BioEnterprise, a business formation, recruitment and acceleration initiative designed to grow health care companies and commercialize bioscience technologies.
  • JumpStart, which accelerates the growth of early stage businesses and ideas into venture-ready companies.MAGNET, which supports, educates and champions manufacturing in the region.
  • Minority Business Accelerator 2.5+, which assists the growth of African American and Hispanic-owned businesses with annual revenues of at least $2.5 million in 16 Northeast Ohio counties.
  • NorTech, a nonprofit technology-based economic development organization that champions growth in Northeast Ohio’s high-tech economy.
  • Team NEO, which advances Northeast Ohio’s economy by attracting businesses worldwide to the 16 region.

 “The region’s philanthropic organizations, individually and through the Fund for Our Economic Future, are committed to supporting efforts that grow companies, attract investments and create jobs,” said David Abbott, chairman of the Fund and executive director of The George Gund Foundation.

“Since 2004, the Fund has been a strong advocate for developing a collaborative, regional approach to the economic challenges and opportunities in Northeast Ohio, and we will continue in that role in 2010 and beyond.” Members of the Fund collaborate in three-year increments called phases. And, the Fund’s third, three-year phase began on March 1.

Over next three years, the Fund anticipates having a grantmaking budget of approximately $20.5 million, which is 12% smaller than the $23.2 million in grants the Fund awarded in the previous three-year phase.    

 ABOUT THE FUND FOR OUR ECONOMIC FUTURE

The Fund for Our Economic Future is a collaboration of more than 100 foundations, organizations and philanthropists from across Northeast Ohio that strengthens the region’s economic competitiveness through grantmaking, civic engagement and research.

For more information, contact:

Chris ThompsonFund for Our Economic Future216-925-4902 (office)216-215-0329 (cell)cthompson@futurefundneo.org