MVEDC receives $1M loan

Staff report

YOUNGSTOWN

The Mahoning Valley Economic Development Corp. has received a $1 million loan from the U.S. Small Business Administration’s new community lending program.

MVEDC will be able to provide loans of up to $200,000 to qualifying small businesses in the Valley.

“Small businesses create nearly two-thirds of new jobs in our country and we have to focus on developing these proven job creators,” said U.S. Sen. Sherrod Brown, a Democrat from Avon, in a release.

“Today, emerging entrepreneurs in Youngstown seeking to transform their good ideas into the next great Ohio business can seek support through this new Small Business Administration community lending effort.”

The three-year pilot program, available to 20 community organizations in the U.S., is expected to assist at least 50 businesses.

“This loan will better allow the Mahoning Valley Economic Development Corp. to foster the growth of new, emerging small businesses,” said U.S. Rep. Tim Ryan, D-17th, Niles, in a statement.

“Groups like the Mahoning Valley Economic Development Corp., the Youngstown Small Business Incubator, and the proposed Tech Belt Energy Innovation Center are helping to continue our Valley’s strength in economic development, building new industry, and creating jobs,” Ryan’s statement said.