Rooted in Cleveland, driven by community. Charles McElrath is helping Ohio entrepreneurs thrive with DreamSpring. Today, as he prepares to lead DreamSpring into its next chapter, that sense of place is helping inform a vision for how we can deepen our impact in communities across Ohio and beyond.
A Career Built on Expanding Opportunity
Throughout more than 35 years in banking and community development finance, Charles has focused on the central belief that entrepreneurship has the power to transform lives.
He has spent his career helping entrepreneurs access the capital they need to launch businesses, create jobs, and build wealth in communities that have historically been overlooked by traditional financial institutions.
Whether serving as President and CEO of Southern Dallas Development Corporation, a CDFI that helped drive investment in one of the most economically challenged regions of Texas, or leading community development lending initiatives within traditional banking, Charles has consistently demonstrated that access to capital not only creates financing, but opportunity.
"When we invest in entrepreneurs, we're investing in families, neighborhoods, and local economies," Charles says. "That's work I've been fortunate to do throughout my career, and it's work I'm excited to continue at DreamSpring."
Leaning Into Ohio
DreamSpring has built a national reputation for helping entrepreneurs overcome barriers to accessing affordable capital, deploying more than $585 million through over 48,000 loans across 27 states. As we continue to grow, Charles sees tremendous opportunity to strengthen DreamSpring's presence in Ohio. DreamSpring has set a goal of lending $1 million to entrepreneurs in Cleveland and is inviting local partner organizations to help build the pipeline that gets there.
For Charles, this is more than a market strategy. Ohio is home. His family roots remain firmly planted in Northeast Ohio, and he has maintained close ties to the region throughout his career. Those connections have only reinforced what he witnessed growing up: talented entrepreneurs exist in every neighborhood, but too many still face barriers to starting or growing a business.
"I grew up surrounded by people who worked incredibly hard and dreamed of building something better for their families," he says. "What was often missing wasn't determination — it was access. Access to capital. Access to relationships. Access to someone willing to say yes."
That perspective aligns closely with DreamSpring's mission of ensuring entrepreneurs have access to responsible, affordable capital paired with education and business support. Charles believes the strongest economic development strategies begin with local partnerships.
Throughout his career, he has worked alongside banks, philanthropic organizations, chambers of commerce, business support organizations, and civic leaders to strengthen entrepreneurial ecosystems. In fact, his financial sector career began in Cleveland at AmeriTrust Bank, which was later acquired by Society Bank and eventually merged into KeyBank. His first assignment took him to AmeriTrust's Shaker Heights branch, now operating as a KeyBank branch office.
Pulling on decades of experience, Charles sees the tremendous opportunity in Ohio. Rather than bringing a one-size-fits-all approach, DreamSpring seeks to partner with organizations doing important work, providing flexible capital and technical assistance that complement existing resources and help more entrepreneurs become investment-ready.
"Every community already has incredible assets," Charles says. "Our role is to listen first, build trust, and work alongside local partners to expand opportunity where it's needed most."
Charles often describes himself as a believer in place-based solutions that can scale. His career has shown that when organizations combine community knowledge with responsible lending, strategic partnerships, and long-term investment, they can create lasting economic mobility.
That philosophy aligns naturally with DreamSpring's next chapter. As one of the nation's leading nonprofit lenders, DreamSpring is well-positioned to expand its impact while remaining grounded in the communities it serves. Charles joins an experienced executive leadership team with more than a century of combined expertise in small business support, community development, lending, and operations. Together, the team is focused on helping more entrepreneurs access the resources they need to build thriving businesses and stronger communities.
Coming Home with Purpose
Although his career has taken him across the country, Cleveland has remained a constant source of inspiration. It's where Charles learned that resilience often grows in communities facing the greatest challenges. It's where he first saw entrepreneurship as a vehicle for economic mobility. And it's where he developed the conviction that access to capital should never determine whether someone's dream has the chance to succeed.
As DreamSpring looks to deepen its work in Ohio, Charles sees an opportunity to invest not only in businesses, but in the people and communities that have shaped his own journey.
"I'll always consider Cleveland home," he says. "If DreamSpring can play a role in helping entrepreneurs across Ohio build stronger businesses, create jobs, and invest back into their neighborhoods, then we're doing exactly what we're called to do."
To learn more about partnering with DreamSpring, visit dreamspring.org/partners.
