WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) announced that the United States Department of Commerce’s Economic Development Administration (EDA) has awarded $1,600,000 grant to the Mahoning Valley Economic Development Corporation (MVEDC) of Youngstown. The funding will establish a new Revolving Loan Fund (RLF) to support small businesses and entrepreneurs. This grant, to be matched with $400,000 in local funds to bring total funds to $2,000,000, is expected to create 200 jobs, save 55 jobs, and help generate $9 million in private investment.
“Ohio workers can compete with anyone in the world, and this investment will help ensure the community of Mahoning Valley and its residents have the resources they need to remain competitive,” said Brown. “I’m happy to see EDA recognize the strength of Ohio workers, and I support any effort that invests in Ohioans and grows our state’s economy.”
The new RLF will help diversify and boost Ohio’s economy by providing the financing that businesses throughout the region need to grow and expand. The project will establish the MVEDC Economically Disadvantaged and Growing Entrepreneurs (EDGE) RLF to focus loan-making on assisting the growth of minority and women-owned businesses in Mahoning and Trumbull Counties.