CLEVELAND, OH, July 27, 2018– The Cleveland Chain Reaction neighborhood economic development project has identified 19 companies to pitch to the project’s investors for a chance to earn $100,000 of investment. A total of 107 small businesses applied for this opportunity.
Old Brooklyn, a west side neighborhood in the city of Cleveland, has been selected as the host neighborhood for Cleveland Chain Reaction’s second season and will serve as the new home for the five winning companies.
The business pitch showcase will take place on Monday July 30th and Tuesday July 31st.
As collaborative partners for Chain Reaction, Cleveland Neighborhood Progress, COSE, JumpStart, and GlazenUrban selected the host neighborhood and evaluated all 107 business applications. Twenty-four businesses were selected as semifinalists. Nineteen businesses have completed the JumpStart small business boot camp, which was designed for Chain Reaction, and are eligible for the pitch competition.
Bernie Moreno, Rick Blaszak, Dan Zelman, Vanessa Whiting and Eddie Ni are the five local investors committed to the project. These city advocates each have made available $100,000 to invest in these local scale-up businesses. Collectively, the five new businesses that open during Chain Reaction will bring jobs and additional economic activity to the neighborhood.
The 19 showcase participants represent a variety of industries serving both current and emerging markets with products and services that range from food and hard goods manufacturing to clothing and real estate. Each company was selected for its potential growth and impact on jobs and investment in Old Brooklyn. The showcase participants include (in alphabetical order):
- Cleveland House Hotels
- Ellie-May's Gourmet Cookies
- Great Lakes Outfitters
- Hatfield's Goode Grub
- Her BlueWear Uniforms
- Immaculate Cleaning Co.
- iSalon Plus Hair Loss Center
- JB Grill Soul Food & Catering
- Lake Erie Pet Food Co.
- Melendez Catering Services, LLC (DBA La Posada Latin Cafe & More)
- Old Brooklyn Cheese Company
- Our Favorite Things Boutique
- PearlFlower Catering
- Randy's Pickles
- Sidekicks Salsa, LLC
- Spa Lavender
- Vino Veritas Cellars
- Yellowcakeshop Clothing
After the pitch competition showcase is completed, the investors will identify their top two candidates by the end of August 2018. A final investment decision from each investor is expected by the end of September 2018. Winning businesses and their respective investors will then work to identify and secure real estate in consultation with Old Brooklyn Community Development Corporation, a neighborhood based community and economic development organization servicing the Old Brooklyn neighborhood.