Nearly $2M announced for Youngstown Business Incubator renovations
YOUNGSTOWN - Nearly $2 million will be going to the Youngstown Business Incubator for renovations.
The United States Economic Development Administration awarded a $1.9 million CARES Act Recovery Assistance grant to YBI.
The funds will be used to renovate the 65,000 square foot building and help spur economic innovation.
The grant will be matched with $475,795 in local funds and is expected to help create or retain nearly 70 jobs. It will also generate $4.5 million in private investment in the Youngstown area, U.S. Senator Sherrod Brown said.
"These funds will provide the Northeast Ohio region with additional tools and resources to address the economic fallout from COVID-19," Brown said. "Not only will this investment build up local infrastructure, but it will develop programs to help Ohioans find good-paying jobs."
On the other side of the political aisle, U.S. Senator Rob Portman said the grant will help provide assistance to entrepreneurs, create jobs and spur millions in additional private investment.
"I was proud to support the bipartisan CARES Act last year, and I am glad to see that it continues to help local communities in our state return to normalcy as we emerge from the COVID-19 pandemic," Portman said.
