Valley Partners Closes $66.9 Million Loans

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YOUNGSTOWN, Ohio – The team at Valley Economic Development Partners announces another banner year in 2021.

Through SBA loans, in partnership with the Mahoning County Board of Commissioners and various loan programs, Valley Partners has processed and closed 914 loans and grants to support small businesses working through the pandemic.

Valley Partners, formerly known as 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’ goal was to offer short-term, lower-interest financing to help businesses weather the pandemic-induced economic crisis, executive director Teresa Miller said.

The agency was able to help bring $66.9 million into the regional economy and help create or retain more than 500 jobs, according to Miller.

Last year, Valley Partners added a business coach to provide technical assistance to businesses. 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 US Treasury Department and Mahoning County Commissioners.

“We are well aware of the difficulty for entrepreneurs to obtain capital due to regulations and economic conditions,” says Miller. “We have worked diligently over the past two years to get funds into the hands of the businesses that need them most.”

The loan agency was established in 1978. It is a certified development corporation approved by the US Small Business Administration to administer federal loan programs. It is also a certified community development financial institution that focuses on efforts to help underserved communities in the region.

Copyright 2022 The Business Journal, Youngstown, Ohio.

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