U.S. Department of Commerce Invests $1 Million to Capitalize Revolving Loan Fund to Support Small Businesses in Northeast Ohio

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Valley Economic Development Partners, Youngstown, Ohio, to capitalize and administer a Revolving Loan Fund that will serve small businesses in Mahoning and Trumbull counties, a region impacted by fluctuations in the energy economy.

This project will provide gap financing to help small, local businesses grow and create new economic opportunities. This EDA grant will be matched with $1 million in local funds and is expected to help create or retain more than 40 jobs and generate $4.4 million in private investment, according to grantee estimates.

“The Biden-Harris Administration is committed to providing all communities with the resources they need to diversify and grow their economies,” said Secretary of Commerce Gina Raimondo. “This EDA grant will provide needed capital to small businesses and entrepreneurs in Northeast Ohio, creating jobs and a stronger, more robust regional economy.”

“The Economic Development Administration plays an important role in supporting locally-driven strategies designed to stimulate entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This Revolving Loan Fund will provide the capital that small businesses and entrepreneurs in Northeast Ohio need to grow and thrive.”

“Ohio workers can compete with anyone in the world, and this investment will help ensure the community of Mahoning Valley and its residents have the resources they need to remain competitive,” said Senator Sherrod Brown. “I’m happy to see EDA recognize the strength of Ohio workers, and will continue to push for investments in Ohio that grow our state’s economy.”

This project is funded under the Assistance to Coal Communities (ACC) initiative, through which EDA awards funds on a competitive basis to assist communities severely impacted by the declining use of coal. ACC projects support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.