east palestine ohio

2 Businesses Affected by Derailment Awarded Loans

EAST PALESTINE, Ohio – Gov. Mike DeWine and Lydia Mihalik, Ohio Department of Development director, on Thursday announced financial support for two businesses impacted by the Feb. 3, 2023, train derailment in the village. 

Yokeley Scott Corp. LLC, a sports streaming company serving northeastern Ohio and Western Pennsylvania, will receive a loan of $85,250. EPO LLC, a real estate company that owns and manages residential rental properties, will receive a loan of $65,285.

The two companies join 18 others previously approved for financial assistance, bringing the total amount of support to more than $3.45 million. 

“As we approach the first anniversary of the East Palestine train derailment, the state continues to offer support where it’s needed,” DeWine said. “The people of East Palestine are resilient, and we will continue to support them for as long as it takes.”

The Department of Development launched the East Palestine Emergency Support Program in August 2023 and issued the first loans in December. Additional loan applications are currently under review. In total, $5 million was made available through the program. 

“These additional loans underscore our unwavering commitment to helping the people affected by last year’s derailment,” Mihalik said. “We are ensuring businesses not only recover but thrive.” 

For-profit and nonprofit businesses located within a 2-mile radius of East Palestine that were operational on or prior to Dec. 1, 2022, are eligible to apply. The loans are 0% interest and range from $10,000 to $1 million. The loans are forgivable if used for payroll, employee benefits, rent or mortgage payments, utility expenses, worker protection or inventory replacement expenses related to the train derailment. 

Eligible businesses can still apply through the online application available HERE.

Published by The Business Journal, Youngstown, Ohio.