This EDA investment supports the capitalization of a revolving loan fund (RLF) to serve trumbull and mahoning counties in northeast ohio
Project Grant Awarded
- Award ID
- 067906468
- Recipient
-
Valley Economic Development Partners Inc. UEI E7F1JUG81887
- Awarding agency
-
Economic Development Administration
Department of Commerce
- Obligated
- $2,000,000
Award facts
- Assistance listing
- 11.307 Economic Adjustment Assistance
- Completion date
- Not on record
- Funding
-
- $1,000,000.00 Federal
- $1,000,000.00 Non-federal
- Place of performance
- Youngstown, OH 44505, USA
Award details come from USAspending.gov.
About this award
This $2 million Economic Adjustment Assistance award from the Department of Commerce's Economic Development Administration will capitalize a revolving loan fund administered by Valley Economic Development Partners Inc. to support small businesses and entrepreneurs in Trumbull and Mahoning Counties, Ohio. The revolving loan fund aims to promote economic recovery in the region that has experienced long-term economic distress exacerbated by recent coal-fired power plant closures. By providing access to capital, the revolving loan fund will help create and retain jobs, attract private investment, and bolster economic resiliency throughout the area. Issued on March 29, 2023, this project grant aligns with the Economic Adjustment Assistance program's goal of alleviating sudden and severe economic dislocations in regions facing adverse economic changes over time through technical and public works assistance.
Description
The project will help alleviate sudden and severe economic dislocation caused by the closures of coal-fired power plants, which exacerbated long-term economic distress in the region. The RLF will provide access to capital to help small businesses and entrepreneurs recover, which will promote job creation and retention, attract private investment, and bolster economic resiliency throughout the region.
Quick answers
Who received award 067906468?
067906468 was awarded to Valley Economic Development Partners Inc. by Economic Development Administration (Department of Commerce) on March 29, 2023.
How much is award 067906468 worth?
$2,000,000 has been obligated on 067906468: $1,000,000 in federal funding and $1,000,000 in non-federal funding.
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