YOUNGSTOWN, Ohio (WKBN) – Mahoning County Commissioners are setting aside some American Rescue Plan money to help small businesses impacted by the pandemic.
On Thursday morning, they awarded two million dollars in ARP funds to Valley Partners, which helps local companies get their start.
The money will fund a new low-interest program to offer three-year loans to businesses affected by the pandemic. Then, eventually, the program will expand.
“So after that three-year award is over and the money has been paid back, we’ll be able to revolve it and lend it out to new businesses or existing businesses, and there will no longer be that requirement that they were affected by COVID,, said Teresa Miller of Valley Partners.
Organizers hope to see at least 80 jobs created through the initial loans, with potentially hundreds more as the program expands to help other businesses.