Youngstown and state programs can help small businesses.
YOUNGSTOWN — Ohio Treasurer Richard Cordray and Youngstown city officials say they plan to coordinate financial assistance programs each offers to provide greater economic incentives to small business owners.
Cordray spoke today with Mayor Jay Williams and T. Sharon Woodberry, the city’s economic development director, about his office’s Small Business Linked Deposit program.
The program offers loans of up to $250,000 at 3 percent below the prime rate to qualified small-business owners.
During the discussion, Williams and Woodberry said the treasurer’s program could be “cross marketed” with the city’s Youngstown Initiative.
The Youngstown program offers low-interest loans of up to $100,000 to qualified businesses as well as grants of up to $50,000 for demolition work and waives fees for utility connections.
“Our success can be even greater with this,” Williams said of the treasurer’s program. “It’s more money to invest and more opportunity for job creation.”