WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) today announced $250,000 in federal funding for the Mahoning Valley Economic Development Corporation (MVEDC). The funding will help MVEDC collaborate with the Youngstown Business Incubator and Tech Belt Energy Innovation Center to manage Valley Growth Ventures, LLC, a capital fund to spur growth and business development in the Mahoning Valley. In September 2015, Brown sent the awarding agency a letter in support of the grant application.
“When start-ups are looking to get their businesses off the ground, local investment and capital are key to their growth and success,” said Brown. “This funding will boost Valley Growth Ventures and its partners as they work to drive economic growth in the Mahoning Valley Region and give life to new local businesses.”
The U.S. Department of Commerce’s Economic Development Administration (EDA) awarded the funding through its Seed Fund Support Program. Grants awarded through the program provide technical assistance to help plan, form, and launch seed capital funds for start-up companies.