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Summit County Council Considers Loan Deferment, $102,000 Grant for Austen BioInnovation

Photo of Austen BioInnovation's facilities
AUSTEN BIOINNOVATION INSTITUTE

Summit County Council is considering a proposal to help Akron’s Austen BioInnovation Institute remain viable.

At a recent council meeting, the county proposed to defer the Institute’s nearly $87,000 in loans for its downtown Akron headquarters for the next five years. The county also proposed to provide the medical-product incubator with a $102,000 grant.

Spokesman Scott Rainone says the deferment and grant would help the non-profit to reinvent itself for the future.

“This is one of the aspects to receive a little bit of relief as we take over that additional space, but we believe we have a successful path forward," Rainone said. "We know what we need to do and this is just one of the steps to get us there.”

The proposal for both the loan deferment and grant are set to be discussed at a county committee meeting on Tuesday, April 4.