The Mahoning Valley Economic Development Corp. has received a $1 million loan from the U.S. Small Business Administration’s new community lending program.
MVEDC will be able to provide loans of up to $200,000 to qualifying small businesses in the Valley.
“Small businesses create nearly two-thirds of new jobs in our country and we have to focus on developing these proven job creators,” said U.S. Sen. Sherrod Brown, a Democrat from Avon, in a release.
“Today, emerging entrepreneurs in Youngstown seeking to transform their good ideas into the next great Ohio business can seek support through this new Small Business Administration community lending effort.”
The three-year pilot program, available to 20 community organizations in the U.S., is expected to assist at least 50 businesses.
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