Patrick Longo, president and chief executive of Alloy Development Co., will retire on December 31 after 30 years with the organization, including eight as its leader. The October 5 announcement says he will work with the board and leadership team through year-end to support the transition.
The Cincinnati organization brings together business lending, startup support and economic-development work. It describes itself as a private nonprofit with a public economic-development purpose, established in 1983. Its commercial-capital business offers SBA 504 loans and refinancing for commercial property and equipment.
Its Growth Lab supports entrepreneurs with business development and connections, while its economic-development operation serves Hamilton County. That combination places the leadership transition across several kinds of local business support, from established firms financing property to young companies developing their products. The organization also offers business assistance, connects entrepreneurs with mentors and helps communities and companies consider development opportunities, according to its website.
During Longo’s tenure, the organization went through a merger, rebranding and a name change. It also opened an Office of Small Business and restructured its commercial-capital operation, according to the announcement.
The board says it has a transition plan and will announce the next chief executive soon. It praised the latest fiscal year and loan-portfolio growth without supplying quantified results in the release. Longo remains in the role ahead of the scheduled retirement.