YOUNGSTOWN, Ohio (WKBN) – Over $1 million is being provided in loan funding for small businesses in the Valley.
The money is being provided through a grant from the Department of Commerce’s Economic Development Administration (EDA) and will be matched by $400,000 in local funds.
A total of $1.6 million is going to the Mahoning Valley Economic Development Corporation (MVEDC) in Youngstown to establish a new revolving loan fund (RLF) focused on assisting minority and women-owned businesses.
Secretary of Commerce Wilbur Ross said the loan fund will provide financing that otherwise would not be available to entrepreneurs and small business owners.
“The Trump administration is committed to helping Ohio’s economy prosper,” Ross said. “This new RLF will help diversify and boost Northeast Ohio’s economy by providing the critical gap financing that businesses throughout the region need to grow and expand.”
The money is expected to help create 200 jobs, retain 55 jobs, and generate $9 million in private investment, according to Congressman Tim Ryan, who made the announcement Tuesday.
“This federal investment to establish a new revolving loan fund in support small businesses and entrepreneurs comes at a critical time in our Valley and region,” Ryan said. “Mike Conway and the team at the Mahoning Valley Economic Development Corporation should be commended for their vision and persistence to capitalize on a program to support the growth of minority and women-owned businesses in Mahoning and Trumbull counties.”