NEO Fund Expanding Small Business Support from Bridge Street to Main Avenue

Kelly Sposito, Executive Director of the NEO Fund (New Entrepreneur Opportunity Fund), presented to the committee on the nonprofit''s 18-year history of small business development in Ashtabula County. Bridge Street Success Story: - NEO Fund grew out of the Lift Bridge Community Association, formed around 2008 when the lift bridge got stuck and cut off traffic to the harbor - From a handful of struggling businesses, Bridge Street now has 30+ thriving businesses - Over 10 business owners now own their buildings on Bridge Street - The Sunday farmers market is outgrowing its space - Major events include Beach Glass Festival, Wine & Walleye, and Lights on the Lake Services Offered (All Free): - "So You Think You Want to Start a Business" classes - Advanced business classes - Bookkeeping classes - One-on-one mentoring - Business plan development - Financial cleanup assistance to qualify for loans - Monthly networking meetings across the county (30-40 attendees) Lending & Capital: - 77+ microloans facilitated in Ashtabula County - Partner relationships with Andover Bank and Erie Bank - Loan broker service for non-traditional lending - Partnerships with Kent State and A-Tech for young entrepreneurs Main Avenue Expansion: Sposito confirmed that NEO Fund is now focused on bringing the Bridge Street model to Main Avenue, working alongside the city''s facade program and infrastructure investments. A resident on the committee shared that NEO Fund helped them sell their salon by assisting the new owner in securing financing. More info: neofund.org Source: City of Ashtabula Community Development Committee Meeting, March 4, 2026