Akron Community Revitalization Loan Fund

Photo of the Middlebury Commons
EAST AKRON NEIGHBORHOOD DEVELOPMENT CORPORATION

The Akron Community Revitalization Fund is helping the Middlebury Commons project with construction of retail space with a $1.6 million loan.

Chris Burnham, president of the Development Finance Authority of Summit County, says it is an important investment.

photo of FirstEnergy building
TIM RUDELL / WKSU

Here are your morning headlines for Wednesday, July 11: 

photo of Chris Burnham
SUMMIT DFA

A local fund that aims to restore areas of economic distress in Akron is getting closer to its $4.5 million goal. The Akron Community Revitalization Loan Fund received a $100,000 grant this week from Goodyear Tire & Rubber.

In April, Huntington Bank contributed a quarter of a million dollars to the fund.

President of the Development Finance Authority Chris Burnham says the fund should be able make loans starting mid-summer.

photo of Akron North Hill neighborhood
M.L. SCHULTZE / WKSU

Huntington Bank is the latest company to contribute to a $4.5 million loan fund for projects in distressed Akron neighborhoods.

The bank has given a quarter-million dollars to the Akron Community Revitalization Loan Fund. The group says it will concentrate on loaning money for projects from $500,000 all the way up to $2 million in places like North Hill and East Akron, with interest rates hovering below 2.75 percent.