NELSONVILLE, Ohio -- Regional businesses will soon be able to tap more resources that will help them access equity investments, market and financing assistance and a host of other business technical assistance services, thanks to a new regional grants initiative. The Foundation for Appalachian Ohio (FAO) announced a 2002 grants program that will invest more than $575,000 to help promote entrepreneurship and enterprise development in promising sectors of the region's economy. The amount includes a $175,000 contribution from the Ohio University Foundation.
The FAO grants program is the result of an unprecedented partnership involving Ohio University, the Governor's Office of Appalachia (GOA), the Ohio Department of Development (ODOD) and FAO, who all contributed to the grants fund.
"The grants are designed to create and strengthen regional organizations that work to develop markets for new and emerging business in Appalachian Ohio," said Leslie Lilly, FAO president and CEO. "Nonprofit organizations and government agencies who provide lending, technical assistance, brokering or other business development services in Appalachian Ohio are eligible to apply for the funds."
According to Lilly, the goals of the initiative are to increase the availability of technical and managerial assistance to small firms in the region and to promote entrepreneurship and managerial assistance to small firms in the region and to promote entrepreneurship and enterprise development promising sectors of the region's economy, such as specialty foods and heritage and cultural tourism.
This partnership is a first of its kind for the region," said Lilly. "The partners believe these resources can help entrepreneurs overcome barriers to business formation and to successfully tap new markets." The partners provided funds for the grants initiative.
"A healthy regional economy provides entrepreneurs with markets, financing and trained employees," said Joy Padgett, director of GOA. "Partnering with the Foundation and Ohio University in this initiative supports the efforts of GOA and ODOD to help communities develop local solutions to regional economic challenges." Padgett noted grants are similar in purpose to those made by the foundation to 11 organizations earlier this spring totaling more than $125,000.
Ohio University will play an active role in the partnership by providing a series of technical assistance activities designed to engage its students and faculty in regional enterprise development, Lilly said. Activities include organizing a series of business competitions that will have students providing direct assistance to entrepreneurs in the form of business plan development, help in seeking equity investment and other capital, financial and market analysis and operations assistance.
"Through this grants program, Ohio University can help entrepreneurs overcome barriers to business formation and to successfully tap new markets," said Ohio University President Robert Glidden. "It also provides opportunities for our faculty and staff to be of service to the region, and even more importantly, it's an opportunity for our students to learn while being of service to our regional businesses and entrepreneurs."
Grants criteria, guidelines and application procedures are available from FAO at www.appalachianohio.org or (740) 753-1111. For more information about business assistance contact Susan Abdella, (740) 593-0474, at the Appalachian Regional Entrepreneurship Initiative at Ohio University's Voinovich Center for Leadership and Public Affairs.
Founded in 1998, FAO is a regional community foundation, a 501©(3) public charity that provides a vehicle through which donors can create a lasting legacy through their charitable giving in Appalachian Ohio's 29 counties. FAO is headquartered on Nelsonville's historic Public Square in the heart of Appalachia.
