By STEVE HUSZAI

Staff Writer

WOOSTER Local entrepreneurs, business owners, and public servants gathered to tout the creation of a new fund meant to attract new investment and ideas into the city.

The Opportunities Loan Fund was unveiled at a small gathering held at the Olde Jaol Thursday, where a presentation and explanation of the fund took place.

Mayor Bob Breneman, who himself began working to develop this fund as a city council member in 2005, introduced the Opportunities Fund.

"For businesses with less than 25 employees, there is nothing," to help them get started, Breneman said.

The fund is aimed at providing capital to small and emerging companies in the technology field with "high growth potential." Funding will be awarded to companies or entrepreneurs located or willing to relocate in Wooster. Loans are worth up to $35,000.

The city of Wooster, Wooster Area Chamber of Commerce, and Wooster Community Hospital all put up the dollars for the fund, which has over $200,000 available for startups looking for some seed or pre-seed funds.

The city's $100,000 contribution came from interest earned on investments, not tax dollars.

Breneman said this fund took a long time to craft, such as who was eligible, who would determine and how it would work. Recently, it was announced that Jump Start, Inc., a Cleveland-based nonprofit, would determine which applicants qualified for funding.

Eligible applicants for seed money would be sent to a selection committee, made up of community members, to determine which applicants will receive funding.

Jump Start president John Dearborn explained his group is funded by the Ohio Third Frontier Network and serves 21 counties in northeast Ohio.

"This is one of the first municipalities in Ohio dedicated to organic growth," Dearborn said of the community's efforts to establish this revolving loan fund.

Dearborn further called establishing this fund a "bold move" and applauded Wooster's initiative.

"It is these entrepreneurs, who are here tonight, that will lead us through this recession," Dearborn said.

Chamber president Jeff Griffin briefly mentioned "Our biggest strength is our networking ... we have talented young people with fresh ideas."

"Economic gardening is one tool we must put in our toolboxes," added Rod Crider, executive director of the Wayne Economic Development Council.

Stephen Spoonamore, founder of ABS Materials (and 15 other companies through the years) mentioned he was a beneficiary of a similar seed fund.

"What I love when it happens, is a community that is willing to say 'I am stupid enough to water this when I'm not sure it will grow' ... As a community, we choose to water it," Spoonamore said emphatically.

Further information is available at jumpstartnetwork.org.

Reporter Steve Huszai can be reached at 330-287-1645 or e-mail shuszai@the-daily-record.com.