Valley Partners Awarded $800,000 to Support Underserved Entrepreneurs
YOUNGSTOWN, Ohio — Valley Partners, a private nonprofit organization focused on small business expansion and job creation, has received an $800,000 Financial Assistance Award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
The announcement, made on September 26, 2024, is part of a nationwide initiative to support financial services for low-income and underserved communities.
The organization plans to match the award, doubling the capital available for its GrowBiz Revolving Loan Fund (RLF) to $1.6 million. This fund was established in 2021 to provide affordable capital to entrepreneurs in underserved areas.
Since becoming a certified CDFI in 2020, Valley Partners has focused on using government programs and incentives to support small business development through financial products, services, and technical assistance.
To date, the GrowBiz RLF has funded $5.18 million in loans, helping 36 small businesses launch or expand. These projects have created or retained 173 jobs in underserved communities. Valley Partners has also leveraged additional investments, totaling nearly $11 million, to support these efforts.
Executive Director Teresa Miller said the recent award will enhance the organization’s ability to serve small businesses, but it requires a one-to-one match from non-federal sources.
“This award requires a $1:$1 match from other (non-federal) dollars,” says Miller. “There are a number of banks, non-profits, financial institutions, foundations, and municipalities that share in our great mission of investing in our communities and the residents that live in them. With the support of its partners, we can continue our great work of educating and empowering our underserved entrepreneurs to better equip them with the knowledge and skills to grow and thrive and assist them in equitable access to capital.”
In addition to its loan fund, Valley Partners’ Business Resource Center has provided free technical assistance to 496 entrepreneurs through seminars and counseling sessions. The center has also graduated 99 participants from its Accounting & Legal Grant Program, helping create hundreds of business plans.
The CDFI Fund awarded a total of $408.2 million to 357 CDFIs nationwide this year. For more information, visit the CDFI Fund website. Funders interested in supporting Valley Partners’ GrowBiz Revolving Loan Fund can visit valleyedp.com.
Copyright 2024 The Business Journal, Youngstown, Ohio.
