Learning Egg to Repay Initiative Grant of $100,000
YOUNGSTOWN, Ohio — Company growth is permitting Learning Egg LLC to repay a $100,000 grant it received from the Youngstown Initiative program, plus interest.
At its meeting this morning, the city Board of Control approved an agreement with the Youngstown Business Incubator company to accept repayment of the grant the city awarded the educational software firm in September 2013. The developer of the Lightning Grader software will pay $108,377.82 under the terms of the agreement.
Lightning Grader allows educators to scan and grade papers through the use of a mobile device such as a smartphone or tablet.
“Things are going pretty well for us right now,” said Elijah Stambaugh, founder and CEO of Learning Egg. The company, which has its products in more than 200 schools, is in a position that allows it to repay the city.
“They helped us get off the ground so that was a decision that we made,” Stambaugh said. The company, seeking more investors, plans to remain in Youngstown, he added.
The program worked “the way it was designed to,” said David Bozanich, city finance director and who sits on Board of Control.
“We helped the company. Stambaugh is growing the business. He plans to stay local. He plans to continue to grow in the Valley,” he continued. “From our perspective, it’s a win. We got some development because of it. We got some jobs because of it. And we’re pretty happy and we wish the company all the best.”
Learning Egg was projected to create 30 jobs over three years under the agreement approved in September 2013. To date, the company has 15 employees, Stambaugh reported.
Repayment of the grant will provide the Initiative program additional funds to help other companies, Bozanich said.
Pictured: Elijah Stambaugh, founder and CEO of Learning Egg LLC.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.