Wean Foundation of Warren awards grants to two Community Development Financial Institutions
The Raymond John Wean Foundation has awarded $270k total in grants to two Community Development Financial Institutions (CDFIs) to help spring economic growth in the Valley.
CDFI's are federally designated financial institutions made to support economically disadvantaged businesses and communities by offering loans to stem economic growth.
"Too often, communities face barriers to accessing capital and resources for revitalization," said Angelo LoCastro, who leads Bridgeway's Mahoning Valley office. "I believe in the transformative power of impact-driven lending and am grateful for the Wean Foundation's partnership in this work."
Bridgeway Capital and Valley Economic Development Partners are the two organizations to receive this funding.
Bridgeway will receive a one-year grant to support its operations in Youngstown and Warren, in which the organization has put forth $4.3 million in loans to businesses and nonprofits in those areas.
Valley Economic Development Partners will receive a two-year grant to support its Growbiz revolving loan fund founded in 2021.
"We are excited to be a part of the movement of economic growth here in the Mahoning Valley, which we have served for 47 years," said Valley Partners Executive Director Teresa Miller.
