SEBRING Two small businesses in village receive funding under program

The Sebring program is the first of its kind in small towns, an official said.
THE VINDICATOR, YOUNGSTOWN
By BOB JACKSON
VINDICATOR COURTHOUSE REPORTER
SEBRING -- Checks were to be awarded today (Wednesday) from the first round of loans and grants in a program aimed at providing opportunities for small businesses in small towns.
The program is a partnership among Sebring, Mahoning County and the U.S. Small Business Association. Businesses in the village can borrow money from the SBA to start a new business or to expand or relocate an existing one.
The program was unveiled a year ago and two businesses have been approved for funding, said Gilbert Goldberg, director of the SBA regional office in Cleveland.
The facilities
Teddy Ryan, village manager, said Precious Cargo, a day-care facility on North Jackson Road, will receive a $235,000 loan, administered through Sky Bank, while the 15th Precinct, a family restaurant on 15th Street, will receive a $77,000 loan administered through Second National Bank of Warren.
The village is also providing a $23,000 loan to the day-care facility and a $15,450 loan to the restaurant. Under the program guidelines, those loans will be forgiven if they complete their projects according to program guidelines, Goldberg said.
Mahoning Commissioner Vicki Allen Sherlock said the county awarded Sebring a $150,000 economic development grant last year with revenue from a 0.5 percent county sales tax. The money will be used to cover performance grants that the village can award to businesses who meet project guidelines.
Loan recipients who complete their projects according to the guidelines can apply to have up to 15 percent of their loan forgiven, meaning they don't have to repay it, Goldberg said.
In those cases, the money from the county will be used to pay back the forgiven amounts. There is a $25,000 cap on the amount that can be forgiven for each loan.
Jobs
Sherlock said there will be 30 new full-time jobs and 20 new part-time jobs at the restaurant. The day-care project will retain eight jobs and create two new ones.
The program is modeled after a similar one that's been in place in Youngstown for several years, Goldberg said.
Because of that program's success, the SBA wanted to launch a similar one on a smaller scale for villages. Sebring is the first one of its kind in the state.
Village officials have encouraged business owners to use the money for improving their building facades, which is covered under the program. However, they are allowed to use the money for "any legitimate business expense," Sherlock said.
bjackson@vindy.com