June 24, 2021
WASHINGTON, DC – Today, U.S. Senator Rob Portman (R-OH) praised the $1.9 million CARES Act Recovery Assistance grant awarded by the U.S. Department of Commerce’s Economic Development Administration (EDA) to the Youngstown Edison Incubator Corporation (Youngstown Business Incubator). According to the EDA, the grant funding will go towards renovating 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.
This grant comes from funds accessible thanks to the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Portman supported and was signed into law last year.
“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 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.”