Federal grant to help local business

Staff report

YOUNGSTOWN

A federal grant from the U.S. Economic Development Administration will help local companies obtain investment and grow.

On Monday, U.S. Rep. Tim Ryan of Howland, D-13th, and U.S. Sen. Sherrod Brown, a Democrat from Cleveland, announced the Mahoning Valley Economic Development Corp., Youngstown Business Incubator and the Tech Belt Energy Innovation Center of Warren received a $250,000 EDA grant for a venture capital-fund initiative the three have formed “that will be used to invest in local technology businesses,” said Mike Conway, executive director of MVEDC.

“When start-ups are looking to get their businesses off the ground, local investment and capital are key to their growth and success,” Brown said in a statement.

The $250,000 grant will help cover the initiative’s administrative costs.

The three partners in the initiative hope to receive $3 million from the state’s Ohio Third Frontier program. As a requirement for the program, they have raised $3 million in private donations.

“I am proud to have helped support this important funding that will go to future collaboration between the engines of economic growth in the Valley,” Ryan said in a statement.