Congressman Tim Ryan Announces $350,000 for Youngstown Business Incubator
Youngstown, Ohio – Congressman Tim Ryan announces $175,000 to the Youngstown Business Incubator (YBI) from the Appalachian Regional Commission (ARC) for the purchase of additive manufacturing and post-processing equipment. The total project cost of $350,000, with Youngstown State University providing cost-sharing funds in the amount of $175,000.
“The Youngstown Business Incubator is the #1 university-affiliated incubator in the world for a reason. The amazing work being done at YBI is continuing bring energy and investment into our community and giving our young people opportunity to come back to live, work and raise their families right here at home,” said Congressman Ryan. “I congratulate YBI and YSU on their continued success and I am proud to stand with them as they lead Youngstown’s manufacturing renaissance.”
The machines will be located in YBI’s Tech Block Building Five, the former Vindicator Building in downtown Youngstown, Ohio where they will be used to serve client firms operating in the advanced manufacturing sector and for YSU student education and training purposes. The equipment is expected to help create nine new jobs and leverage $500,000 in private investment.
YBI received a $3 million award from the Economic Development Administration in September of 2014 to fully renovate the former Vindicator Building. Congressman Tim Ryan wrote a letter of support to the U.S. Department of Commerce on May 28, 2014 for this project and its funding. Read the full letter here.
In Steptember of 2014, YBI was ranked the #1 University Affiliated Incubator in the World by the UBI Index of Stockholm Sweden.