YBI Awarded Nearly $1.8M for Economic Development Initiative

YOUNGSTOWN, Ohio – A $1.79 million grant will support the Rising Tides Initiative, which focuses on growing and developing microchip, advanced energy, defense and aerospace industries in a seven-county region that includes the Mahoning Valley.

The Appalachian Regional Commission awarded the grant to the Youngstown Business Incubator through its Partnership for Opportunity and Workforce and Economic Revitalization Initiative.

The YBI will use the funds to provide existing manufacturers with comprehensive technology education, impactful pilot/demonstration programs and targeted initiatives to enhance manufacturer competitiveness.

The Rising Tides Initiative will support manufacturers in Mahoning, Trumbull, Columbiana, Ashtabula, Jefferson, Monroe and Belmont counties and is expected to benefit 90 businesses and 180 workers or trainees and create two new businesses and 20 new jobs.

The grant will leverage more than $9 million in private investments.

“The Youngstown Business Incubator is proud and honored to have the support of the Appalachian Regional Commission as we work to rebuild and reshore U.S. manufacturing,” said Barb Ewing, CEO of the YBI. “Not only is it critical to our economy, it’s an integral part of the nation’s future security.”

The Rising Tides Initiative will support emerging companies at the YBI that are focused on business software and advanced manufacturing technologies, as well as companies at Brite Energy Innovators that are focused on electric vehicle mobility, battery storage and grid infrastructure.

“Our additive manufacturing team is excited to have the opportunity to more deeply engage with the region’s manufacturers to help keep them competitive by taking advantage of technology,” said Stephanie Gaffney, vice president of advanced manufacturing at the YBI. “By strategically integrating the right products and processes into their operations, they can open new markets, reduce operational costs and improve efficiency to make themselves more competitive in the global market.”

Besides the YBI and Brite Energy, the Rising Tides Initiative includes partnerships and collaborations with the Youngstown/Warren Regional Chamber, Lake to River Economic Development, Ashtabula Growth Partnership, Columbiana County Port Authority, Sustainable Opportunity Development Center of Salem, America Makes and Belmont County Community Improvement Corporation.

ARC’s Partnership for Opportunity and Workforce and Economic Revitalization Initiative awarded a total of $68.2 million in funding for 65 projects throughout the Appalachian region in this round, according to a Wednesday news release. The funding is expected to create more than 2,400 new jobs and train more than 10,500 workers. 

The initiative started in 2015 and has invested $484.7 million in 10 states.

“ARC’s POWER initiative supports coal-impacted communities’ preparation for the next phase of Appalachia’s economy, while ensuring that residents have a say in the course of their own futures,” said Gayle Manchin, ARC federal co-chair. “The investments announced in this round of POWER will help train workers, advance new industries and build upon the progress already being made toward a brighter future full of economic opportunity for our region.”

Published by The Business Journal, Youngstown, Ohio.