Entrepreneurship and business development in any location under any circumstance can be extremely challenging. In Appalachian Ohio, the challenges are particularly difficult. Consider these statistics:
• The 32 Appalachian counties in the southern and eastern parts of the state report 30% lower population density than the rest of the state as people move closer to their work in more metropolitan areas
• The poverty rate hovers around 16%
• About 15% are college graduates
• Per capita income is less than $30,000/year
• About 22.5% of the population receives food assistance
This means fewer workers and customers and lower spending from within the counties.These conditions have been further intensified by the economic recession and bank consolidations that limit the ability of existing industries to expand and would-be entrepreneurs to take root.
One of the problems we can immediately address is access to capital and credit, which is why Finance Fund is focusing on this part of the state. We have $1 million in US Small Business Administration funding available, among other programs. Plus, we are inviting multiple other hosts/sponsors to present their available resources and programs for small business owners and entrepreneurs at the:
Appalachian Small Business Resource Workshop
10 am to 1 pm
Tuesday, August 28, 2012
Ohio University Innovation Center, Room 103
Athens, Ohio
Space is limited. To register, please rsvp@financefund.org.
A good example of how funding translates into jobs in Appalachian Ohio is Freeport Press which has grown to become the largest employer in rural Harrison County. Finance Fund, PNC Bank and the Ohio Department of Development worked together in a public/private partnership to provide the financing that Freeport Press needed to purchase a new commercial printing press. That purchase led to 40 new jobs and a brighter future for Harrison County residents.
We saw the potential in Freeport Press and built the financial partnership that made their dream a reality. This resulted in a positive long-term economic impact on the community. I invite you to find out more about our work in Appalachian Ohio and how you can apply for funding or become an investor, lender or partner. Contact us at info@financefund.org.
Tags: Appalachia, Appalachian Small Business Resource Workshop, Athens, economic development, Finance Fund, funding, loans, Low Income Community, Ohio, Ohio Department of Development, Ohio University Innovation Center, US Small Business Administration
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