It is with great pleasure that I would like to
congratulate the 48 Cascade Capital Corp.
Business Growth Award winners for 2008.
These companies are located within Summit,
Medina, Portage, Wayne and Stark counties
in Northeast Ohio.
Based on the Business Growth Awards criteria, this is quite an accomplishment. A company may earn a Business Growth Award
by either increasing its sales level by at least
100 percent or $5 million or increasing
employee numbers by at least 50 percent or
25 people. The importance of this growth
measures far beyond the actual sales or
employee counts. From an economic development perspective, increasing local company sales to other parts of the state, across the
nation and even internationally enriches the
local economy. Receipts and profits generated by growing area companies are positively
manifested when these companies purchase local goods and services, invest in additional
equipment and facilities, and hire new
employees. These wealth-creating mechanisms directly lead to the economic growth
and stability of our regional economy.
The goal of Cascade Capital Corporation is
to provide direct financing assistance to
small companies poised to grow through
investment in new equipment, facilities and
human resources. During the course of the
past five years, Cascade Capital Corp. has
approved financing for 154 local company
projects totaling nearly $75 million. These
projects were expected to result in the creation of nearly 4,000 new jobs for our region.
Cascade Capital provides funding to small
and medium-sized companies through its
SBA 504 Loan Program throughout Ohio.
The benefits of Cascade Capital’s SBA 504
loan program are certainly worthy of consideration by small and medium-sized businesses considering the purchase of a new operating facility and/or equipment. Major benefits include a below-market fixed rate of interest,
a 20-year loan term and a minimal 10 percent
down payment. The SBA 504 accepts a second mortgage position relative to the bank
co-funding the transaction. Recognizing the
current environment of tighter business credit and apprehension toward major purchases, Cascade Capital’s SBA 504 can provide an
impetus for companies to invest now. A number of 2008 Business Growth Award winners
have received funding from Cascade Capital
in the past.
Again, congratulations again to all of the
2008 Business Growth Award winners and
thank you for your major contribution
toward the continuing economic vitality of
our region.
ROBERT FILIPIAK is executive director of Cascade Capital
Corp., an economic development finance company that has provided dependable financing options to growing small companies
in Greater Akron and Northeast Ohio since 1983. Reach him at
(330) 379-3160 or [email protected].
