COLUMBUS State grant to fund incubator for client investment services

The state also released $15,000 to YSU for a new student housing complex.
COLUMBUS -- The Youngstown Business Incubator is getting a $225,000 state grant.
Without comment, the State Controlling Board approved the funding that will go to help the incubator, at 241 Federal Plaza West, provide business services to its clients.
The grant runs from July 1, 2003, through June 30, 2004, state officials said.
The incubator has chosen to work almost exclusively with "business to business" software application development companies.
The incubator provides, at little or no cost, office space, office furniture, telephone hardware, utilities, high-speed Internet access, and early-stage legal and accounting services to its clients.
The incubator hopes that the services will result in increased investment in the start-up companies and higher sales revenues and cost reductions, state officials said.
Thomas W. Johnston, chief fiscal officer for the Ohio Department of Development, which administers the funds, said there is a local match required.
In other business, the board also released $15,000 to Youngstown State University for the purchase of 0.13 aces of real estate at 241 Carlton St. as part of the revitalization of the Smokey Hollow area, where new student housing is located.
Made up of six state lawmakers and a representative of the governor's office, the controlling board has the final say over some larger state spending projects.