By CHUCK SODER
11:12 am, September 2, 2011
Mansfield's Braintree Business Development Center is expanding the reach of a loan fund it created to finance businesses that appear to have growth potential.

The Appleseed Microfinance fund is open to businesses throughout Northeast Ohio. The fund, which makes loans ranging from $1,000 to $35,000, has loaned a total of about $100,000 to four companies over the past year, but all of them were based in Richland County, said Bob Leach, director of operations for Braintree.

The fund has raised more than $230,000, of which $185,000 came from a U.S. Department of Agriculture grant, Mr. Leach said. The rest came from bank donations and Braintree itself, which aims to continue expanding the fund, he said.

The Appleseed Microfinance fund will loan money to companies looking to buy equipment, restructure debt or achieve another specific goal, Braintree CEO Bob Cohen said in a news release.

"The money is designed to meet a specific need, it's not about keeping the lights turned on," Mr. Cohen said. "We want to make resources available to entrepreneurs with big ideas so they can overcome specific hurdles to grow their businesses and go on to generate jobs and wealth for the community and the region."

© 2011 Crain Communications Inc.
Crain's Cleveland Business