Economic Growth Foundation

Filing Period

Jan 1, 2010 to Dec 31, 2010

Signed

Nov 9, 2011

Return Version

2010v3.4

Gross Receipts

$4,138,146

Mission

Major Activities

Activity 2

Attraction, retention, & expansion: to create jobs and investment through the retention and growth of existing companies and by attracting targeted industries to the region. Cleveland+ is an integrated marketing campaign that consolidates all of the region's assets including business, travel, and tourism together under one brand to drive action and strengthen our economy. Since 2007, cleveland+ has played a key role in attracting over 3,500 jobs and $135 million in payroll to the region. In addition, cleveland+ has increased positive national coverage by 37% and garnered a 36 percent share of ohio's tourism revenue, more than any other region in the state.

Activity 3

Economic inclusion: the commission on economic inclusion drives the greater cleveland partnership's efforts to ensure full participation of minority individuals and businesses in the region's economy. The commission focuses on achieving measurable, demonstrated success through increases in: (1) board, senior management, workforce and supplier diversity among its more than 100 member employers and (2) total revenue, size, value, and number of employees of northeast ohio minority-owned businesses. To support the diversity and inclusion goals of our 100+ member employers, the commission provided several products and services, including the following: expanded the annual diversity professionals conference to a full-day format with the focus on applied cultural competence. The egf partnered with business volunteers unlimited to offer "the role of the board" training with goal for at least 10 commission participants to be placed on nonprofit boards in 2011. The egf launched a new tool, the corporate 5 x 3 metrics and measures scorecard. The annual employers survey on diversity for our region was conducted. This report provides our community and local employers with a status report on our progress in economic inclusion metrics. Some major priorities related to minority business development were developing and strengthening partnerships with four other nonprofits focused, solely or in part, on developing minority business enterprises (mbe's). The commission raised $2.5 million for the first phase of the working capital loan back fund to be launched in 2011. Dollars provided by the fund will be used as collateral to secure working capital lines of credit to support viable african-american and hispanic-owned companies. The commission was awarded two grants totaling $1.15 million to support the minority business accelerator 2.5+ initiative and to help launch the access-to-capital fund. The minority business accelerator 2.5+ closed a total of 54 deals valued at $131.6 million between april 2008, when the first deal was announced, and december 2010. Of these, 49 deals were closed with african-american minority business enterprises (mbe's) and five deals were closed with hispanic mbe's. These results include 249+ jobs created,$2.2 million in lines of credit and bonding secured and over $793 million in business opportunities identified over the past three years. The commission joined with the president's council to re-launch the boardroom to boardroom program, which provides business management and consulting services to african-american and other mbe's).

Filer

EIN

34-1916518