Economic Development Corp. gets grant

The program helps establish and retain small businesses.
YOUNGSTOWN -- The U.S. Department of Agriculture's Rural Development Intermediary Relending Program awarded a $500,000 grant to the Mahoning Valley Economic Development Corp. to help boost businesses and create jobs in Mahoning, Trumbull and Columbiana counties.
Small businesses in every community in the tri-county area -- except Youngstown and Warren because the program is based on population -- are eligible to apply for money through MVEDC's revolving loan program, said Don French, the agency's executive director.
The program seeks to finance business facilities and community development projects in smaller-populated communities, said U.S. Sen. George V. Voinovich, who announced the grant today.
Uses for money
The money must be used to establish new businesses, expand existing businesses, create employment opportunities, save jobs, or complete community development projects, Voinovich said.
"The success of small business and community development projects are key ingredients to aid a recovering economy, and I am glad to see these funds head to northeast Ohio to help do just that," Voinovich said.
MVEDC's revolving loan program has existed for six years. The agency reviews applications from companies for the money, and awards low-interest loans on a competitive basis, French said.
"The purpose is to help small businesses and stimulate the economic base of the area," he said.
A similar but slightly different program, run by MVEDC for businesses in Columbiana County, received a $99,000 grant from the USDA last month.