The Beachwood Community Improvement Corporation is ready to serve. After a few years of brainstorming, this organization began its work in May of this year, with the goal of enhancing economic development efforts around the community. Including pooling resources and bringing together partnerships and collaborations, the corporation is intending on playing a key role in commercial revitalization.
“We’re focusing on attraction, retention and expansion of businesses and industries here in the city,” says Beachwood Economic Development Director Cathy Bieterman. “It really serves as a catalyst to more focused economic development initiatives in our community.”
One of the main facets of the corporation is its Revolving Loan Committee. This team is responsible for reviewing all loan requests that come into the city supporting new employment opportunities, commercial revitalization and sustainability.
“The Revolving Loan Fund has the ability to leverage financing to support business growth in Beachwood,” Bieterman shares. The program is structured to support multiple financing programs, including a loan program for emerging cluster industries and revitalization efforts as well as a link deposit program, partnering with local banks and financial institutions to buy down the interest on a company’s commercial loan.
The corporation is also in the early stages of implementing an Innovation Committee that would work on connecting networks in the community and the region. They will do this by building and strengthening Beachwood’s relationships with the larger institutions and colleges and universities in close proximity to Beachwood.
“We want to support and cultivate the growth of new ideas that are emerging in our existing companies here and those looking to come into our community,” says Beachwood Mayor Justin Berns. “We’re here to support our companies in all stages of growth.”
