Community funding?

[neenski]

Hi, I'm wondering if anyone has ever heard of this concept:
Local entrepreneurs being funded by the community, with the requirement that, if their business flourishes, they will stay within the community to help economic growth, instead of moving their company to another city.
I'm looking for programs like this, so if anyone has any links or information, I'd appreciate it if you posted them here.
Thanks!

[BuySellCincy]

I think it all depends on what you are looking to do. I know in regards to Real Estate there are several programs for example here in Hamilton County (Cincinnati, OH)

The first is if you are rehabbing a home within Hamilton County you can borrow up to $50,000 in rehab costs from Chase or National City for 3% less than the current interest rates, this is in collaboration with the city of Cincinnati.

If you are doing a large scale reviltalization if you will, or starting a business which will in effect benefit the city immediately, they do give free cash handouts. We received a quote for a potential $15 million project we were looking to do and they were willing to give us about $1.8 million in money we would not have to pay back.

Don't know if that will be helpful at all but I would call your local city and enquire about what they have available as every city/county is different.

[zoobie]

Hello there! Just want to welcome you here at the forum.

Hope you'll enjoy your stay here.