YOUNGSTOWN, Ohio (WYTV) – Directors with the Mahoning Valley Economic Development Corporation unveiled plans for a new revolving loan fund for small businesses in the region Thursday morning.
The funds will be made available through the CARES Act to help companies impacted by COVID-19.
“During these times where people are struggling to keep their door open, that we will have these funds available to our community to be able to help those that are trying to open their doors with all the COVID regulations,” said executive director Teresa Miller.
Last week, U.S. Commerce Secretary Wilbur Ross was in town announcing the money for the loan fund had been made available. Companies will be able to apply for loans of up to a quarter of a million dollars.
During Thursday’s announcement, directors also said they are changing the agency’s name to “Valley Economic Development Partners.”