Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development Mbe Lending topic
No spam. Unsubscribe anytime.
County development staff report MBE pipeline projects, loans and a $2 million approval for Birthing Beautiful Communities
Summary
Department of Development briefed the commission on MBE-focused lending, capital partners and year‑to‑date small‑business support metrics; staff said the loan committee approved $2,000,000 for Birthing Beautiful Communities and reported dozens of partner loans and technical‑assistance hours.
Anthony Stella, speaking for the Department of Development, updated the commission on MBE programs, partner collaborations and recent lending activity.
Stella said the department is increasing use of Salesforce to track MBE/WBE metrics and is working with capital partners including Cleveland Development Advisors, Goldman Sachs, 10,000 Small Businesses and UBiz. He mentioned several pipeline projects and named a recent loan to developer James Sosin related to Africa Town Plaza on Cedar Avenue; the presenter described that loan in the record as "half $1,000,000," a phrasing that was unclear in the transcript and is noted as imprecise in this account.
Stella told commissioners the loan committee approved a $2,000,000 loan for Birthing Beautiful Communities and said the office expects to close that loan this year to support the organization's new market structure. He summarized small‑business support metrics for 2025: roughly 1,000 small businesses assisted year to date, about 800 of them minority or female owned, 53 small‑business loans made through capital partners, and about 3,500 hours of technical assistance provided.
When commissioners asked follow‑up questions, Stella said the department is planning an RFQ in the first quarter for the next round of capital partners and highlighted an ongoing pipeline that includes projects such as AKA Construction, Start Right Community Development Corporation and Midtown Yard.
The commission received the report; no formal board action was recorded beyond informational updates.
