Youngstown is using $3 million from its American Rescue Plan Act funds to create two new programs – a city-based Business-Facade Program and Youngstown Revolving Loan Fund.
Valley Economic Development Partners will administer the programs. The Liberty-based nonprofit began accepting applications on its website Jan. 17. Funding will be available until funds are depleted.
The programs will provide financial assistance to city-based small businesses to upgrade the facade of their commercial properties and to help them start or expand business. Applications for both programs are being accepted by Valley Partners.
The facade program’s $1 million was contributed by the city of Youngstown American Rescue Plan Act (ARPA) Funds to Valley Partners.
The facade-improvement program is a forgivable loan with a five-year term. Every year a participating business remains open at their location, 20 percent of the loan will be forgiven. Eligible businesses will be able to apply for a match of up to 50 percent of a facade project with a $20,000 maximum.
The Youngstown Revolving Loan Fund provides capital to for-profit and not-for-profit businesses in Youngstown. Valley Partners is administering the program with $2 million in Youngstown American Rescue Plan Act funds. The target borrower is a small business that has been impacted by the COVID-19 shutdown and having trouble acquiring funds from traditional lending channels. The maximum loan is $150,000, with interest below current prime. Loan terms are a minimum of five years preceded by a 12-month, interest-only period, depending on loan amount and collateral.
The city is encouraging small businesses to apply as soon as possible. More information on the application process and program guidelines can be found on the city of Youngstown’s website. For more information, contact Valley Partners.
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