U.S. Department of Commerce Invests $1.9 Million in CARES Act Recovery Assistance to Spur Entrepreneurship and Innovation in Youngstown, Ohio
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.9 million CARES Act Recovery Assistance grant to the Youngstown Edison Incubator Corporation (Youngstown Business Incubator), Youngstown, Ohio, to renovate a 65,000 square foot building and further enhance the organization’s capacity to spur entrepreneurship and innovation in the Youngstown region. This EDA grant, to be matched with $475,795 in local funds, is expected to create or retain nearly 70 jobs and generate $4.5 million in private investment.
“President Biden is committed to harnessing the full power of the federal government to ensure our nation not only recovers from this pandemic but builds back stronger,” said Secretary of Commerce Gina M. Raimondo. “As an additional space for incubation activities and services, the newly-renovated facility will complement current Youngstown Business Incubator facilities and build upon ongoing partnerships with America Makes and the National Additive Manufacturing Innovation Institute, which are located on campus.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Susan Brehm, Director of EDA’s Chicago Regional Office. “EDA is proud of the investments we have made to establish and grow the Youngstown Business Incubator and we look forward to seeing how this renovated space will expand opportunities for entrepreneurs and build resiliency of the regional economy in response to the pandemic.”
“With the help of the EDA, Youngstown Edison Incubator Corporation is going to be able to increase productivity and show growth in both size and opportunity,” said Governor Mike DeWine. “With new job opportunities and a renovation in the works, I am looking forward to seeing Youngstown and the Mahoning Valley continue to strengthen with this new project.”
“These funds will provide the Northeast Ohio region with additional tools and resources to address the economic fallout from COVID-19,” said Senator Sherrod Brown. “Not only will this investment build up local infrastructure, but it will develop programs to help Ohioans find good paying jobs.”
“This is exciting news for the Youngstown Edison Incubator Corporation. I’m pleased to see this $1.9 million federal grant go towards helping to spur entrepreneurship and innovation in the Youngstown region,” said Senator Rob Portman. “This grant, provided through the CARES Act, will help provide assistance to entrepreneurs and is expected to create jobs while spurring millions in additional private investment. I was proud to support the bipartisan CARES Act last year, and I am glad to see that it continues to help local communities in our state return to normalcy as we emerge from the COVID-19 pandemic.”
“Life beyond the COVID-19 pandemic holds much promise and the federal government must do all it can to make U.S. advanced manufacturing more competitive in a global world. The crisis underscored advanced manufacturing’s role in pivotal domestic industries and the need to invest and modernize cutting edge technologies is more crucial than ever. With forward-thinking leadership from President Biden, we’re on a clear path to build back better than ever before, and the Youngstown Business Incubator is going to help lead the way,” said Congressman Tim Ryan (OH-13). “When we put the might of the United States government behind American innovation, we can achieve anything, and that’s just what this well-deserved funding is doing. I’m immensely proud of the work being done through the Youngstown Business Incubator, which stands as a model across the country as we build the economy of the future right here in Northeast Ohio.”
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.