LIBERTY — Valley Economic Development Partners, the Liberty-based organization that operates a variety of small business loan programs, is using fees it received from processing Paycheck Protection Program loans to launch a new revolving loan program.

The best way to use the PPP loan revenue, Teresa Miller, the nonprofit’s executive director said, was to try to leverage it for additional dollars, which it has done successfully with the award of a $1 million grant from the U.S. Economic Development Administration.

The award, announced Thursday, will go toward continuing the mission of Valley Partners to “create and retain jobs in the (Mahoning) Valley and to help our economy grow,” Miller said.

“Instead of creating our own fund,” with the PPP loan fees “we thought it was best to leverage and match those funds and double it,” she said.

The new revolving loan fund, which can be used for fixed assets like buildings and equipment, and working capital, would be available for startups and established businesses. The program should be in place in the next month or so, Miller said.

Throughout PPP — part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act in 2020 that helped businesses keep people employed during the

pandemic — the seven-person staff at Valley Partners helped secure

868 loans worth more

than $37 million.

The $1 million EDA grant is funded under the Assistance to Coal Communities (ACC) initiative, which awards money to communities affected by the declining use of coal. ACC projects

support economic diversification, job creation, capital investment, workforce development and re-employment opportunities.

U.S. Sen. Sherrod Brown, D-Ohio, announced the award.

“Ohio workers can compete with anyone in the world, and this investment will help ensure Mahoning Valley community residents have the resources they need to remain competitive,” he said. “This investment will continue to push for investments in Ohio that grow our state’s economy.”