SBA loans to Youngstown drop 64% over 3 years

SBA loans to Youngstown drop 64% over 3 years

YOUNGSTOWN — Loans guaranteed by the U.S. Small Business Association to small companies in Youngstown declined by 64 percent between 2006 and 2009, Lt. Gov. Lee Fisher says.

A report by Fisher shows Ohio and all its major cities saw declines in loan guarantees to create and expand small businesses under SBA programs.

In Youngstown, the amount dropped from $11.34 million in 2006 to $4.04 million last year.

The 64-percent decline is one of the largest for a city in Ohio. Overall, the state saw loans decline by 34 percent from $604 million in 2006 to $400 million last year.

Fisher on Wednesday blamed the decline on the economic policies of ex-President George W. Bush.

Church to operate inn

CANFIELD — The Eastern Orthodox Catholic community under the Syriac-Greek Antiochian Archdiocese has taken over operations of the former Colonial Inn, 7815 Akron-Canfield Road. The Youngstown/Warren Regional Chamber will have a ribbon- cutting ceremony at 10 a.m. today for Monastery Inn & Retreat Center.

The center includes short- and long-term motel accommodations, a bookstore and gift shop. Plans call for a retreat center. Inn officials said the center offers an atmosphere filled with spirituality, concern, service and friendship. It also offers a few homeless men food and a place to stay in return for their assistance.