Congressman Tim Ryan Announces $5 Million for the Mahoning Valley Economic Development Corporation to Assist Local Businesses
Washington, D.C. – Congressman Tim Ryan (OH-13) today is announcing a $5 million CARES Act grant to the Mahoning Valley Economic Development Corporation (MVEDC) to capitalize a Revolving Loan Fund that will provide financing to small businesses affected by the COVID-19 pandemic. The loan fund will lend to borrowers in both Mahoning and Trumbull Counties who have seen economic dislocation and provide resources to support long-term economic gains.
“The Mahoning Valley Economic Development has been a great partner to our small businesses in the Mahoning Valley for years, and I am proud of the work they have done,” said Congressman Tim Ryan. “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.”
“This EDA award will have an amazing impact on our communities and MVEDC is excited for all the businesses we can help by utilizing it,” said Teresa Miller, MVEDC Executive Director. “MVEDC is proud to be the recipient of an award that will help our region respond to this unprecedented challenge by implementing strategies to help small businesses keep their doors open and their employees at work. 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.”
The Mahoning Valley Economic Development Corporation is one of more than 850 grant recipients that applied for funding under the CARES Act, which provided EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic. EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.