WINNERS OF CLEVELAND’S NEWEST AND LARGEST BUSINESS PITCH COMPETITION TO BE REVEALED
First class of emerging developers of color who participated in pioneering program to win $118,000 in predevelopment grant awards
What: In July 2023, a new program was launched to level the playing field for historically excluded developers of color. By increasing diversity in Cleveland’s real estate industry, Cleveland Development Advisors’ innovative new program is aimed at eliminating barriers to success and, in turn, uplifting communities of color. Fifteen promising entrepreneurs were selected to participate in the program, dubbed CLE-EDI, or the Cleveland Equitable Development Initiative.
The program paired the cohorts with mentors – experienced developers – to help them understand how to launch their projects. In recent weeks, the participants pitched their projects to a group of judges and the winners will be revealed at the CLEVELAND DEVELOPS TOGETHER Closing Reception and Networking Affair. Winners will be awarded the following prize amounts:
- 1st Prize: $50,000
- 2nd Prize: $30,000
- 3rd Prize: $20,000
- All of the remaining participants will each receive a $1,500 prize.
When: Wednesday, June 12, Program 4:30-5:30 p.m. (event goes from 4 to 8 p.m.)
Where: The Cleveland Foundation, 6601 Euclid Avenue
Who: Cleveland Development Advisors, program cohorts and their mentors, ; elected officials; community leaders and representatives from all sectors of Cleveland’s real estate community.
More about the program: These entrepreneurs possess a range of business experience, but the intensive real estate development training and mentorship this program provides will significantly enhance their chances of success. By nurturing these motivated individuals, the program will both foster greater diversity and inclusion in Cleveland’s real estate community and will elevate their capabilities in development.
“There is a profound imbalance in the real estate industry with respect to diversity and we’re taking measures to correct that inequity in Greater Cleveland,” said Yvette Ittu, President and CEO of Cleveland Development Advisors.
CLE-EDI is a joint effort by Cleveland Development Advisors (CDA), which provides expertise and financing to real estate projects that advance economic and community development; Cleveland Neighborhood Progress, a local community development intermediary that invests in community revitalization work in Greater Cleveland; and Capital Impact Partners, a mission-driven nonprofit lender based in the Washington, D.C., metropolitan area.
For more information:
Contacts: Nancy Lesic, 216.392.9634, nlesic@lesiccamper.com or Caroline Guscott, 216.225.1535,cguscott@greatercle.com