Greatwave Communications (2016)

Cleveland, OH

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

COMMUNITY IMPACT

GreatWave Communications is a long-standing operating business located in Conneaut, Ohio that provides high-quality telecommunications services to over 2,000 telephone customers, 1,650 cable television subscribers, and 3,200 broadband internet users throughout rural Ashtabula County. Without NMTC investment, GreatWave could not timely increase its deployment of high-speed broadband telecommunications services to meet growing demand in a region that has been overlooked by larger internet providers.

GreatWave operates in a low-income, non-metropolitan area designated as an SBA Hub Zone and as severely distressed by the Appalachian Regional Commission. Service expansion will have significant economic development and community impacts. Reliable, wide-reaching broadband network service is an essential resource that will enable this underserved, rural Appalachian region to compete in the digital economy, be more attractive to businesses, generate more tax revenue, and help schools, libraries and other learning centers bridge the digital divide to provide an enriched interactive learning environment for students.

Having learned of the project through staff engagement in Ashtabula County’s business community, Ohio Community Development Finance Fund (Finance Fund) partnered with Development Fund of the Western Reserve (DFWR) and U.S. Bancorp Community Development Corporation to provide NMTC financing. Finance Fund provided $5 million of federal NMTC allocation, DFWR provided $4.5 million of federal NMTC allocation, and USB provided the NMTC equity investment.

The company’s expansion, made possible only through NMTC financing, will enable it to create or retain 54 jobs, improve its infrastructure, buy equipment and deploy phone, cable and internet services to an additional 50 business and 600 residential subscribers per year in this underserved low-income, rural community.

Congressional District

Project Map

Other Ohio Projects

Rural King

Rural King
Project City:
Waverly,
Project Year:
(2020)
Rural King used the NMTC to acquire an 800,000 square foot building that was renovated to allow for expanded operations in Waverly, Ohio. The new facility is a former cabinet ...
Read More

Edgemont Campus

Edgemont Campus
Project City:
Dayton,
Project Year:
(2020)
National Cooperative Bank (NCB) along with Wright-Patt Credit Union, (WPCU) cclosed a $16 million loan to support a $31.6 million New Markets Tax Credit (NMTC) financing package for the development ...
Read More

Compass Community Health

Compass Community Health
Project City:
Portsmouth,
Project Year:
(2019)
The NMTC financed the remodeling of a building to fit the needs of an outpatient facility whose mission is "to support and assist individuals who are experiencing distress in their ...
Read More

St. Margeret’s House

St. Margeret's House
Project City:
Portsmouth,
Project Year:
(2019)
The NMTC supported start up costs and business expenses for a 24 hour clinically monitored Residential Rehabilitation program for adult men dealing with substance abuse disorders ...
Read More

Trolley District

Trolley District
Project City:
Columbus,
Project Year:
(2019)

Steel Warehouse of OH – Warren

Steel Warehouse of OH - Warren
Project City:
Warren,
Project Year:
(2019)

The Grove Street Shelter

The Grove Street Shelter
Project City:
Middletown,
Project Year:
(2019)
Grove Street Shelter is the new construction of an approximately 14,000 square foot, 50-bed emergency homeless shelter to be operated by Hope House Mission, which provides shelter and supportive services ...
Read More

Darke Career and Life Enrichment Center

Darke Career and Life Enrichment Center
Project City:
Greenville,
Project Year:
(2019)
Acquisition and rehabilitation of commercial real estate. Tenant provides services for individuals with disabilities. provides 13,520 services annually to clients with disabilities ...
Read More

Boys Hope Girls Hope of Northeastern Ohio

Boys Hope Girls Hope of Northeastern Ohio
Project City:
Cleveland,
Project Year:
(2019)
Boys Hope Girls Hope provides stability, support, and scholarship to bright and motivated children from challenging circumstances. This project involved the construction ofthe Rajan Academy Center, which brought the Academy ...
Read More

Dayton Arcade

Dayton Arcade
Project City:
Dayton,
Project Year:
(2019)
Cross Street Partners (CSP), Model Group, and McCormack Baron Salazar will redevelop the historic Dayton Arcade, a collection of nine buildings totaling over 330,000 sq. ft. in the heart of ...
Read More

Ronald McDonald House Cleveland

Ronald McDonald House Cleveland
Project City:
Cleveland,
Project Year:
(2019)
As the number of families with children needing Cleveland-area pediatric medical care continues to grow, Ronald McDonald House Cleveland (RMH) has been unable to keep pace with demand for their ...
Read More

Stirling Ultracold

Stirling Ultracold
Project City:
Athens,
Project Year:
(2018)

YWCA Dayton

YWCA Dayton
Project City:
Dayton,
Project Year:
(2018)
Major update of YWCA Dayton centers on trauma-informed care. A gut rehab of the seven-story, 118,000-square-foot building began this year with blended funding from historic tax credits, New Markets Tax ...
Read More

Madisonville Redevelopment

Madisonville Redevelopment
Project City:
Cincinnati,
Project Year:
(2018)
Madisonville Redevelopment aims to revitalize three buildings across three city blocks in the Madisonville neighborhood of Cincinnati, Ohio. The project is the first phase of a catalytic redevelopment of the ...
Read More
Loading...