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In this Issue:
eNewsletter Welcome
From the Director's Desk
Enhancing Development
Developing Entrepreneurship
Partnering for Growth
Economic Development
Department:
Chuck Wiedie,
Economic Development Director
Economic Growth Board:
Keith Curley
Tom Elicson
Gerald Henn
William Hopkins
Robert Katitus
James D. Phipps
Jeff Stitzel
William D. Wooldredge,
Council Representative
City of Hudson
Economic Development
Department
51 S. Main St., Ste. 3
Hudson, OH 44236
330.342.1893
cwiedie@hudson.oh.us
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Welcome to Hudson's Economic Development E-News
This is the second edition of the Economic Development E-News created by the City of Hudson Economic Development Department and Hudson’s volunteer Economic Growth Board. This quarterly communication will provide you with ongoing information about Economic Development activities, business development opportunities, and information that will help you locate, build, and grow your business in Hudson, Ohio. For more information, bookmark our website http://www.hudson.oh.us and forward this publication to others who may have an interest in Hudson.
From the Desk of the Economic Development Director
 In the first edition of our Economic Development eNewsletter I mentioned the improvements to our Land Development Code and the related processes. I am happy to say that due in large part to this effort, as well as the opening of the new interchange at Route 8 and Seasons Road, we now have a national developer working with a land owner on the development of approximately 130 acres into an industrial park geared to attracting Advanced Energy and Tech firms.
Also since our last edition one of Hudson’s major employers, Little Tikes, was featured in an article on msnbc.com entitled Made in U.S.A. makes Cozy Coupe a rarity. The article also discusses how the City and other governmental organizations within the state helped Little Tikes in their decision to expand in our community. To learn more about this article and why Hudson is the perfect location for existing businesses to expand and new businesses to locate, visit our Website at http://www.hudson.oh.us and contact me by phone (330.342.1893) or e-mail (cwiedie@hudson.oh.us).
Chuck Wiedie,
Economic Development Director
Enhancing the Development Process
Moving through the development process in Hudson now takes less time and is more predictable, thanks to the work of the citizen-based Districts 6 & 8 Land Development Code (LDC) Subcommittee which reviewed our development codes and the development process. The committee made a series of recommendations to Hudson City Council that would streamline the process and add greater predictability, which are key benefits to any development or corporation. One example of a change that came as a result of the committee’s recommendations was the creation of a Planning Commission Subcommittee, consisting of Architectural & Historic Board of Review and Planning Commission members who will review projects in industrially zoned Districts 6 & 8, decreasing zoning approval times by as much as 30 days.
Developing Entrepreneurship
Local groups of entrepreneurs have been working on establishing a business incubator center in Hudson to attract and develop new start up businesses.
The Technology Entrepreneurial Center of Hudson, TECHudson, is a non-profit organization created for local entrepreneurs seeking facilities and entrepreneurial support services. TECHudson’s main goal is to foster entrepreneurship in Hudson and Northeast Ohio region and accelerate the development of commercially viable businesses generating continued job growth. Recently named members of the Board of Directors of TECHudson are, Robert E. Boyd, William Cushwa, Thomas D. Finley, Richard H. Leukart II and James D. Phipps.
TECHudson, mission is to encourage technology innovation and accelerate the development of commercially viable technology-based businesses by providing a nurturing and supportive environment.
Potential interested candidates are encouraged to visit TECHudson web site www.TECHudson.org and contact us to discuss potential opportunities available. The Center is interesting in conducting interviews. Additionally, they are requesting you fill out a market information survey, located on the web site.
The Technology Entrepreneurial Center of Hudson, TECHudson, is a business development center located in Hudson, Ohio. TECHudson, counsels early stage commercial businesses with value-added activities and services that enable entrepreneurs to develop innovative products and services. A community economic development project, TECHudson is a non-profit corporation. For additional information, please visit our website at www.TECHudson.org.
The Committee recently presented a full report to the Economic Growth Board and to Hudson City Council. If you would like to learn more about the Business Incubator Center, contact Jim Phipps at TECHInfo@TECHudson.org.
Partnering for Growth in Hudson
Partnerships are essential to viable economic growth in Hudson. We have established a number of key local, regional, national and international partnerships that will foster growth and development in Hudson. In this issue, we focus on a local financial group, Cascade Capital Corporation, who offers solutions to seeking funding for growing business in a challenging economic environment.
Cascade Capital Corporation
Aiming to be a Catalyst for Economic and Job Growth in Northeastern Ohio through its Core SBA 504 and Ohio 166 Loan Programs
Cascade Capital Corporation’s long time trademark has been “To provide meaningful financing assistance to area companies poised to grow through investment in new operating facilities, equipment and human resources.” Over the course of the past five years, Cascade Capital Corporation has approved financing for more than 150 local and regional company capital expansion projects totaling in excess of $70 million through a combination of its SBA 504 & Ohio 166 loan programs and commercial bank financing. These projects were expected to result in the creation of 1,000 new jobs.
During 2009 when SBA 504 Loan Program usage was off 27% nationally, Cascade Capital’s loan volume was up 3.8%.
Cascade Capital Corporation’s SBA 504 Loan Program
The SBA 504 Loan Program, provided by Cascade Capital Corporation throughout the greater Akron area and Ohio, serves as a catalyst for growth for small and medium-sized businesses. Typically, in a combination bank/SBA 504 lending scenario, the bank provides 50% project funding with a first mortgage on project real property; Cascade Capital Corporation’s SBA 504 provides 40% project financing with a second mortgage and the business borrower provides only a 10% down payment. The bank’s 50% loan to value (LTV) encourages it to finance owner-occupied commercial real estate; the business borrower’s low 10% down payment conserves precious working capital.
Cascade Capital Corporation’s Ohio 166 Loan Program
The Ohio 166 is a solid funding option for companies in the manufacturing, distribution and highly-skilled service industries making major fixed asset purchases. The Ohio 166 Program can provide 40% - 45% project financing; 90% project financing available in combination with a commercial bank. Program benefits include a below market fixed interest rate currently set at 3% and a $500,000 loan maximum.
Loan Approvals are Quick and Easy!
Approving either a SBA 504 or Ohio 166 loan through Cascade Capital takes 2-3 weeks maximum. Since Cascade Capital co-finances the building or equipment purchase with a commercial bank, loan information provided by a borrower can be shared between Cascade Capital and the commercial bank leading to quick approvals.
Please contact Bob Filipiak, Executive Director of Cascade Capital, directly at 330-379-3160 for information; web address is www.cascadecapital.org.
Click to view online: Hudson Development eNews.
27 E. Main Street | Hudson, Ohio 44236 | 330.342.9539
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