MVEDC gets $5 million federal grant for small business loans
YOUNGSTOWN — The Mahoning Valley Economic Development Corp. received a $5 million federal grant for a revolving loan fund to provide financing to small businesses in Mahoning and Trumbull counties affected by the COVID-19 pandemic.
The loan fund will allow businesses that have had economic issues to borrow money.
The grant “will have an amazing impact on our communities and MVEDC is excited for all the businesses we can help by utilizing it,” Teresa Miller, MVEDC executive director, said. “MVEDC is proud to be the recipient of an award that will help small businesses keep their doors open and their employees at work.”
She added: “We will utilize the award to create a new revolving loan fund that will help the area to prevent, prepare for and respond to COVID-19 by assisting the many small businesses in our service area that are experiencing economic hardship.”
MVEDC is among about 850 agencies nationally that received this federal funding.
“As we continue to face the difficulties created by the COVID-19 crisis, this funding will be a lifeline for many businesses that are seeking the capital they need for continued success,” said U.S. Rep. Tim Ryan, D-Howland, who announced the grant Wednesday.