U.S. Senator Sherrod Brown announced a new initiative to support small businesses in East Palestine. 

Brown joined the U.S. Department of Agriculture in East Palestine Monday afternoon to announce a $500,000 grant to Valley Partners in Youngstown to operate a small business revolving loan fund that will provide loans to existing and emerging small businesses in East Palestine and Columbiana County at a 1% interest rate. 

The U.S. Department of Agriculture's Ohio Rural Development Office awarded the grant through the Rural Business Development Grant program. 

The revolving loan fund will be available to small businesses with less than 50 employees and earning less than $1 million in gross earnings. After the initial $500,000 has been lent, new loans will be made available as funds are paid back to all eligible entities in the County and surrounding counties.

"Today's investment announcement is about making sure business owners have the tools they need to build their operations back and thrive again. It means more jobs, more growth, and more opportunity," said Brown. "Small businesses are the backbone of our communities. They are a key partner in our efforts to make this community whole. And I know that they are going to come back even stronger."

The Rural Business Development Grant program is a competitive grant that provides funding for rural partners that finance and facilitate development of small and emerging rural businesses, help fund distance learning networks, and help fund employment related adult education programs.