Lorain Port Authority new 5-year plan includes name change and business financing

A “slight name change” reflects the goal of the Lorain Port Authority’s new five-year strategic plan: to continue to do what the agency does well and expand its role in business financing for the area, The Morning Journal reports. The plan has three visions that reflect the new name, the Lorain Port & Finance Authority. The visions include the Port establishing itself “as the community and economic development leader in Lorain,” and utilizing “the finance capacity allowed under Ohio law to development finance programming and investment,” according to the article. The plan “was developed over 10 months with the Council of Development Finance Agencies, or CDFA, a Columbus-based nonprofit group.” Port Executive Director Tom Brown said the “Port has touched the surface of business financing and will do more of that with the help of the CDFA.” For more, read the full article

Economic Development, State Updates