$5 million loan to help Valley businesses bounce back from coronavirus pandemic
Millions of dollars are coming to businesses in the Mahoning Valley that have been affected by the coronavirus pandemic.
Thursday morning, Mahoning Valley Economic Development Corporation rebranded as Valley Economic Development Partners, launching a new $5 million revolving loan fund to assist in COVID-19 relief.
The $5,060,000 Valley Partners Revolving Loan Fund was established through a federal award from the U.S. Economic Development Administration and the CARES Act.
Its goal is to provide financing to small businesses in Mahoning and Trumbull counties affected by the pandemic.
The funds will also be used to stabilize local businesses and economic hardships, provide permanent resources to support economy and improve the economic outlook of the region.
The rebranding and new name is part of an initiative within the organization to increase its impact beyond just the Mahoning Valley.
"Our organization was established in 1978 through a grant from the EDA partially in response to the collapse of the steel industry. Here we are over 40 years later facing a different economic crisis with COVID-19 and through a new grant from the EDA, we are helping the business community respond," said Teresa Miller, Valley Partners Executive Director. "It's a full-circle moment for the organization and we believe this is the right time to represent ourselves with a new name and identity in the community."
The Valley Partners Revolving Loan Fund will offer loans up to $250,000 for businesses impacted by COVID-19.
Interest rates will vary based on the use of the loan and collateral.
"It's crucial for us not to see businesses have to shut their doors because they couldn't access the financing needed to get themselves back on their feet. That's why we're committing this Revolving Loan Fund to help small businesses retain jobs, expand and create new opportunities," said James M. Rosa, Principal Hill Barth and King LLC and Valley Partners Board President.
U.S. Senator Sherrod Brown released a statement on the announcement.
“Ohio businesses can compete with anyone in the world, and this investment will help ensure the communities of Mahoning and Trumbull counties have the resources they need to remain competitive,” said Brown. “I’m happy to see EDA recognize the strength of Ohio workers, and I support any effort that invests in and grows our state’s economy.”
Businesses can learn more about the new Revolving Loan Fund by calling 330-759-3668.
