Major financial boost to come to local small businesses
The Mahoning Valley Economic Development Corporation (MVEDC) has been awarded a $1.6 million grant to establish a new Revolving Loan Fund (RLF). This grant will be used to support small businesses and entrepreneurs.
According to the U.S. Secretary of Commerce, the grant will be matched with $400,000 in local funds and is expected to create 200 jobs, retain 55 jobs, and generate $9 million in private investment.
Secretary of Commerce Wilbur Ross says, "This new RLF will help diversify and boost Northeast Ohio's economy by providing the critical gap financing that businesses throughout the region need to grow and expand."
"We appreciate the Trump administration's investment in the Mahoning Valley Economic Development Corporation," said Governor Mike Dewine. "The new Revolving Loan Fund will provide an additional funding source for Ohio's minority and women-owned businesses and start-ups that are looking to grow. Continued investment in our small businesses will strengthen Ohio's economy."
The U.S. Department of Commerce says the funding announced will help catalyze private investment in a nearby Opportunity Zone. Opportunity Zones can spur economic development by giving tax incentives to investors in economically-distressed communities nationwide. EDA's Opportunity Zones