MVEDC rebrands itself
Valley Partners creates $5M revolving-loan fund
LIBERTY — The Mahoning Valley Economic Development Corp. has rebranded itself Valley Economic Development Partners, a move to better reflect the partnership role it plays with businesses, banks and the community.
The organization recently received $5 million from the federal government to create a revolving- loan to help businesses in Trumbull and Mahoning counties impacted by the viral outbreak.
“Our organization was established in 1978 through a grant from the EDA (U.S. Economic Development Administration) partially in response to the collapse of the steel industry. Here we are over 40 years later facing a different economic crisis with COVID-19 and through a new grant from the EDA, we are helping the business community respond. It’s a full circle moment for the organization and we believe this is the right time to represent ourselves with a new name and identity in the community,” Teresa Miller, Valley Partners executive director, said.
The fund will offer loans up to $250,000. Interest rates will vary based on the use of the loan and collateral.
“It’s crucial for us to not see businesses have to shut their doors because they couldn’t access the financing needed to get themselves back on their feet,” said James M. Rosa, Valley partners board president. Businesses can learn more about the new revolving loan fund at www.valleyedp.com or calling 330-759-3668.