CLEVELAND, Ohio — Cleveland Chain Reaction has announced it has delivered an economic boost of over $1 million to the Slavic Village neighborhood in 2017.
According to a press release, the 2017 season followed the nationwide LeBron James/CNBC Cleveland Hustles Show that aired in 2016.
COSE, Cleveland Neighborhood Progress, GlazenUrban and Fox 8 have coordinated the economic development project since March 2017. The partners matched small businesses with investors, and facilitated a neighborhood competition between 10 city neighborhoods, recruited five private investors to the project, and named six businesses that advanced to the investment phase.
The final six businesses have been working with their investors since May 2017.
The following updates were given in the press release:
Sides 2 Go BBQ has been operating for three years and had a developed concept that was ready for expansion. Their capital needs were more significant to meet their goals. Two investors, Andrew Jackson and Fred Geis, teamed up to work with Claude Booker, Sides2Go founder. The company has recently finalized and funded their deal and is in the process of adding locations at Cleveland Hopkins Airport and in Slavic Village. They are in the process of closing on a property in Slavic Village, which will house a retail location and be a depot for their mobile units.
The Cleveland Foundation focused on two entrepreneurs in this process, Holmes Mouthwatering Applesauce and Baby Munch. Baby Munch produces and markets healthy baby food sold in single-serving pouches. Holmes is an applesauce producer and distributor that sells its products in groceries throughout Ohio and beyond. These companies have recently completed their deals and funding has begun to flow to the companies. Their Slavic Village locations will bring jobs and retail presence to the Fleet Avenue area.
Claudia Young and her investment team focused on two smaller, emerging businesses as well – Lina Wines and Metro Croissants. When they selected both businesses, the original plan was to co-locate the businesses and leverage a single build out for both companies. As of this date, they have made a property acquisition on Fleet Avenue and are still working to finalize their investment approach with the companies.
Investor Justin Miller’s finalists for funding were Midwest Basics, a fashion design and manufacturing firm, and Revival Body Care, producer and distributor of a full-line of organic skin care treatments. In an 11th hour announcement, Miller finalized a deal with Revival, which is already in Slavic Village and now will be able to expand operations and increase jobs.
Partners are continuing to meet and plan for season 2 in 2018.