Congressman Tim Ryan Announces $3 Million for Youngstown Business Incubator
Youngstown, Ohio – Congressman Tim Ryan today is announcing $3 million for the Youngstown Business Incubator (YBI) to renovate a fifth building on the YBI’s Tech Block Campus. The new facility will allow the YBI to double its expected economic impact on the region and continue to capitalize on the entrepreneurial growth potential of America Makes. The YBI anticipates the creation of 80 new jobs because of this funding.
“On an almost daily basis we see the talent and hard work of the Youngstown Business Incubator paying off in big ways for our community. A couple weeks ago YBI was ranked #1 in the world among university-affiliated incubators, and now they have been awarded $3 million to expand into a fifth building and double their economic impact in our region,” said Congressman Ryan. “Between America Makes in Youngstown, the Think[Box] in Cleveland and the newly formed Bits and Atoms Innovation Center in Akron, a new Maker Triangle is forming in Northeast Ohio that has the potential to be a nationally-known destination for businesses seeking areas rich in research and innovation.”
"We couldn't be more thrilled to have earned this award, said Barb Ewing, Chief Operating Officer of the YBI. “The US EDA has been a big part of our past success, and this investment will allow us to have an even greater impact in the future. We sincerely appreciate the assistance of the EDA staff in turning the application around so quickly, as well as the financial support from the state of Ohio and the city of Youngstown."
“I am thrilled that the Youngstown Business Incubator will receive this money to expand its campus,” said Youngstown Mayor John McNally. “The city is proud to be a partner in helping the YBI continue its growth in downtown Youngstown.”
Congressman Tim Ryan wrote a letter of support to U.S. Department of Commerce on June 10th for this project and its funding. Read the full letter here.
This funding comes through the U.S. Economic Development Administration program within the Department of Commerce that awards grants through a competitive process based upon the applicant’s merit, eligibility, and available funds.