A local fund that aims to restore areas of economic distress in Akron is getting closer to its $4.5 million goal. The Akron Community Revitalization Loan Fund received a $100,000 grant this week from Goodyear Tire & Rubber.
In April, Huntington Bank contributed a quarter of a million dollars to the fund.
President of the Development Finance Authority Chris Burnham says the fund should be able make loans starting mid-summer.
The fund will be fully up and running and functional and ready to make loans. We’ve identified at least 6 projects that would meet the underwriting criteria and also fulfill what the funders would like to see in Akron be funded. We probably can have a couple of those projects funded by the end of the year.
Each project will focus on business development in distressed downtown Akron neighborhoods.
