Growth Opps Awarded $1 Million Grant from Morgan Foundation to Support Underserved Entrepreneurs

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Oct 31, 2023, 20:31 ET

CLEVELAND, Oct. 31, 2023 /PRNewswire/ -- Growth Opportunity Partners (Growth Opps), a mission-driven provider of capital and advisory services tailored to underserved small businesses, has been awarded a $1 million grant from Burton D. Morgan Foundation (the Foundation). The 3-year grant will create a fund to offer credit enhancement through cash collateral loan guarantees for underserved small business owners in disadvantaged communities across Ohio.

"Entrepreneurs need capital now more than ever to thrive. We are excited to support Growth Opportunity Partners as they advance this critical initiative that will provide much needed funding to underserved small business owners," said Dan Hampu, President and CEO of Burton D. Morgan Foundation.

The new fund is expected to facilitate access to capital for individuals, enabling businesses to expand, invest in new technologies, and navigate financial hardships. On a broader scale, the fund aims to stimulate economic activity within disadvantaged communities, reduce wealth disparities, and contribute to the overall economic health and well-being.

"We are thrilled to receive this generous support from the Morgan Foundation," said Michael Jeans, President & CEO of Growth Opps. "This fund will allow us to put significant capital to work as a credit enhancement for small business owners who have traditionally lacked access to affordable financing options. We believe this will catalyze sustainable, equitable growth in underserved communities across Ohio." Growth Opps' responsible lending and advisory services are building a more equitable and resilient economic future for underserved entrepreneurs and communities.

Burton D. Morgan Foundation supports organizations that create positive change, with a focus on entrepreneurship, free market economics, and personal responsibility and self-reliance. Burton D. Morgan Foundation leverages its grant and staff resources to connect people, ideas, organizations, and opportunities that comprise the vibrant and growing entrepreneurial ecosystem in Northeast Ohio. The Foundation recently awarded over $1.7 million in grants to nonprofit organizations located throughout the region.

To learn more about Growth Opps or to keep up to date on new developments and activities, please visit www.growthopps.org, follow us on Twitter, Facebook, LinkedIn, and Instagram and subscribe to our channel on YouTube. You may contact us at (216) 462-0600 or [email protected].

About Growth Opps
At Growth Opportunity Partners ("Growth Opps"), we offer community development capital, services, and solutions to growing small businesses, primarily located in underserved and disadvantaged, low and moderate income (LMI) communities in Ohio. GO Advisory accesses industry expertise and diverse talent to provide the solutions you need to address challenges your company faces. GO Capital is tailored to fund your business model when you need it. Growth Opps established the GO Green Energy Fund which is the country's first African American led Green Bank and the Green Bank for the State of Ohio, which deploys mission-driven capital to support small to large scale commercial, community, and industrial solar project development in Ohio.

About Burton D. Morgan Foundation
Burton D. Morgan Foundation is a private foundation based in Northeast Ohio dedicated to advancing the principles of free enterprise and entrepreneurship. Established in 1967 by the visionary entrepreneur and philanthropist Burt Morgan, the Foundation's mission is to strengthen free enterprise by investing in people and entities that embody the entrepreneurial spirit. Through a combination of innovative programs, purposeful partnerships, and strategic grantmaking, the Foundation nurtures entrepreneurs of diverse ages and stages.

SOURCE Growth Opportunity Partners, Inc.