Valley Partners Closes $66.9 Million in Loans
YOUNGSTOWN, Ohio – The team at Valley Economic Development Partners reports another record-breaking year in 2021.
Through SBA lending, partnering with the Mahoning County Board of Commissioners and various lending programs, Valley Partners processed and closed 914 loans and grants to support small businesses that are working through the pandemic.
Valley Partners, formerly known as the Mahoning Valley Economic Development Corp., offers and facilitates a variety of loan programs to support small businesses.
The agency’s mission is to develop employment opportunities by providing access to capital with specialized flexible lending solutions.
In 2021, Valley Partners focus was to offer short-term, lower interest rate financing to help companies get through the pandemic-induced economic crisis, says executive director Teresa Miller.
The agency was able to help bring $66.9 million into the regional economy and help to create or retain over 500 jobs, according to Miller.
Last year Valley Partners added a business coach to provide technical assistance to companies. Classes for entrepreneurs will begin this year, Miller says.
Growth in 2021 also came in the form of new loan funds made available through partnerships with the U.S. Department of Treasury and the Mahoning County commissioners.
“We are well aware of the difficulty for entrepreneurs to obtain capital due to regulations and economic conditions,” Miller says. “We worked diligently over the last two years to get funds into the hands of those businesses that need it most.”
The lending agency was created in 1978. It is a certified development corporation approved by the U.S. Small Business Administration to administer federal loan programs. It is also a certified community development financial Institution focused on efforts to help underserved communities in the region.
Copyright 2022 The Business Journal, Youngstown, Ohio.