Youngstown incubator gets $1.9 million for more renovations
YOUNGSTOWN — U.S. Sen. Sherrod Brown, D-Ohio, announced that the United States Economic Development Administration has awarded a $1.9 million CARES Act Recovery Assistance grant to the Youngstown Business Incubator.
The funds will be used to renovate the 65,000 square foot building the incubator acquired from the former Vindicator newspaper, and help spur economic innovation, officials said.
This grant will be matched with $475,795 in local funds, and is expected to help create or retain nearly 70 jobs and generate $4.5 million in private investment in the Youngstown area.
“These funds will provide the Northeast Ohio region with additional tools and resources to address the economic fallout from COVID-19,” said Brown. “Not only will this investment build up local infrastructure, but it will develop programs to help Ohioan find good paying jobs.”
The EDA is the only federal government agency focused exclusively on economic development. The program is designed to provide financial assistance to communities, and promote economic development. The CARES Act, signed into law on March 27, 2020, provides the EDA with $1.5 billion specifically for economic development assistance programs to help communities prevent, prepare, and respond to coronavirus.
EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds.