Assistance OK’d for Youngstown Businesses Impacted by Explosion

YOUNGSTOWN, Ohio – The U.S. Small Business Administration has approved Gov. Mike DeWine’s request for federal support for businesses impacted by the Realty Tower explosion.

DeWine on Monday sent a letter to the SBA requesting the activation of the Economic Injury Disaster Loan Program for businesses impacted by the May 28 gas explosion at the downtown building.

DeWine made the request after a survey of area businesses found that many were affected economically from the time of the explosion until the building was fully demolished in late September. The survey found that demolition work severely limited access to parking and pedestrian walkways, leading to a decrease in customers and a forced reduction in staff and/or staff hours. 

The SBA’s Economic Injury Disaster Loan Program provides low-interest loans to help cover the costs and expenses that businesses would have been able to pay had a disaster not occurred. To qualify, businesses must be directly impacted by the disaster, physically located within the declared disaster area and unable to cover expenses due to the disaster and/or debt payments. 

More information about the program is available HERE.

Pictured at top: The damaged Realty Tower in downtown Youngstown is seen on May 31.

Published by The Business Journal, Youngstown, Ohio.