Youngstown Business Incubator awarded $1.35M to help develop small businesses
YOUNGSTOWN - A non-profit organization that has helped start hundreds of businesses in the Valley has received $1.35 million to continue its mission.
Youngstown Business Incubator announced on Thursday the award from the Appalachian Regional Commission to support small business development in Trumbull, Mahoning, Columbiana, Ashtabula, Jefferson, Belmont and Monroe Counties.
"It's truly transformational," said Barbara Ewing, CEO of the Youngstown Business Incubator. "It allows us to double the staff on our minority business assistance center services. We've got a seven county footprint that we've really only been able to scratch the surface on."
The award supports projects through ARC’s Partnerships for Opportunity and Workforce and Economic Revitalization initiative which targets federal resources to communities affected by job losses in coal mining, coal power plant operations, and coal-related supply chain industries.
"Part of the reason for these Power grants was to re-instill in communities, and certainly in the Appalachian people, that no, you're strong, you're hard workers, you've got great job skills. We just need diversification. We need to rebuild our communities around new industry," said ARC Federal Co-Chair Gayle Manchin.
Since POWER launched in 2015, ARC has invested nearly $316.6 million in 393 projects across 358 coal-impacted counties.
The nearly $73 million awarded in 2021 is projected to create or retain 10,383 jobs and attract nearly $527.3 million in leveraged private investments.
According to Ewing, these dollars are critical to enabling YBI to meet the demand for small business assistance.
"Working with our partners, this funding will strengthen the recovery of the local economy by assisting small businesses in accessing capital, pursuing procurement opportunities, developing business plans, adopting advanced technologies, and supporting startups,” said Ewing. "There's nothing more important that you can do for a small business than to buy from them."
The Youngstown Business Incubator is an economic development organization focused on improving the quality of life in the region.
Since 1995, YBI says it has provided hundreds of startups with the opportunities and motivation to overcome the obstacles that stand between them and success.
The Appalachian Regional Commission is an economic development partnership agency of the federal government and 13 state governments focusing on 423 counties across the Appalachian Region.
ARC’s mission is to innovate, partner, and invest to build community capacity and strengthen economic growth in Appalachia.
