Rep. Ryan Applauds Small Business Administration $1 Million Loan to Mahoning Valley Economic Development Corporation

Press Release

Today, Representative Tim Ryan applauded the Small Business Administration's (SBA) loan of $1 million to the Mahoning Valley Economic Development Corporation (MVEDC) for small business development.

"This loan will better allow the Mahoning Valley Economic Development Center to foster the growth of new, emerging small businesses," said Rep. Ryan. "I'm proud that the SBA has recognized MVEDC's success, and the potential for small business expansion in the Mahoning Valley. Groups like the Mahoning Valley Economic Development Center, the Youngstown Small Business Incubator, and the proposed Tech Belt Energy Innovation Center are helping to continue our Valley's strength in economic development, building new industry, and creating jobs."

The SBA loan is made possible through the Small Business Jobs Act which created the Intermediary Lending Pilot (ILP) program. This funding is provided through the ILP program for MVEDC to make loans to local small businesses of up to $200,000 for working capital or inventory, real estate, or equipment.

The MVEDC has been a leader in providing economic assistance to area businesses in Northeast Ohio and Western Pennsylvania for over 30 years. MVEDC's mission is to promote and support the revitalization of the area's economic base, while focusing on the creation and retention of jobs. MVEDC offers financial assistance, services and resources to start up businesses as well as those who wish to expand and companies whose principals struggle to receive private financing.

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