YOUNGSTOWN, Ohio (WKBN) – The Youngstown Finance Committee moved along several ordinances Monday that could help small businesses in the city if passed.
City council will vote on Wednesday whether or not to approve $1 million in American Rescue Plan (ARP) funds to go toward the City of Youngstown Facade Grant Program and $2 million in ARP funds to go toward the City of Youngstown Revolving Loan Fund Program.
Councilwoman Lauren McNally says both the grant and the loan will benefit businesses in Youngstown, especially small businesses.
“It will give out grant money to businesses to fix the facade of the building,” McNally said of the Facade Grant Program.
McNally said the Revolving Loan Fund Program will be an opportunity for business owners to apply for loans to update their businesses.
“Be able to help small businesses close a funding gap, get help getting up and started, get help expanding, whatever their need might be. It’s really gonna be for those small businesses,” she said.
If council votes to pass, both the Facade Grant Program and the Revolving Loan Fund Program will be in partnership with Valley Partners.
“Right now, we have a Facade Grant Program that’s run under our CBG funding and it’s kind of flatlined… By putting it into the Valley Partners with this agreement, we’ll be able to create it so that it’s more of a revolving program, and it can grow and expand and we can really manage it,” McNally said.
McNally says she believes both programs will be good for business development and encouraging small business development and growth.
Youngstown council will meet on Wednesday to decide whether or not to pass the $3 million ARP funding for the programs.
