Local economic development corporation receives money for small business loan program

Local News

Home Savings Bank presented the Mahoning Valley Economic Development Corporation with a check on Thursday

(WKBN) – On Thursday, the Mahoning Valley Economic Development Corporation received money to go toward a program meant to help people unable to get a traditional bank loan.

Home Savings Bank donated $25,000 for the Economically Disadvantaged and Growing Entrepreneurs (EDGE) revolving loan fund.

“If we see the potential there then we’re able to do this loan and lend it to them. Maybe have them use it for two years or so, then be able to come to the bank and the bank will say OK, now you have two years under your belt, you are able to finance,” said Teresa Miller, with the Mahoning Valley Economic Development Corporation.

The group has already approved its first two EDGE loans and is in the process of closing its first one.

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