Committee reviews loan program benefiting local businesses
YOUNGSTOWN, Ohio (WKBN) — Two years ago, the city of Youngstown took $3 million of its American Rescue Plan money to use for economic development and facade improvements, and Tuesday, City Council was updated on the status of those programs.
Youngstown City Council's Community Planning and Economic Development, or CPED Committee, was given a list of all businesses that borrowed money through the city's revolving loan program, but it was CPED Director Nikki Posterli who put into perspective the success of the program.
'I'm looking at this list and I see some of these businesses were on the verge of closing so if it weren't for, had it not been for this opportunity, some of them probably wouldn't be open now,' Posterli said.
The revolving loan program started in 2023 with $2 million of Youngstown's American Rescue Plan money. It was used for 26 loans, creating $4 million in total investment and 72 new jobs. Among the businesses that used a revolving loan were Penguins City Brewing, Lorenzino's Bocce Club, and The Varsity Club. As the loans are paid back, the money will be lent again. Councilman Julius Oliver called it a true legacy program.
'I don't think that's something that's ever been done before as far as economic development and being able to continuously help businesses,' Oliver said.
'They would have got it if it weren't for the city's help,' said Teresa Miller.
Miller is the Executive Director of Valley Economic Development Partners, which facilitated the loans. It also facilitated up to $20,000 in grants to 35 businesses for the city's facade improvement program, with another 17 closed but not yet funded and two others awaiting approval. In some cases, it was the facade program that led to the success of the revolving loan fund.
'So, hey, I'm going to do some landscaping and outside work but they were like, 'Oh wait, I can get a loan to cover that? I also want to get new equipment and spruce up what I'm doing and increase production,' Miller said.
'We need to be infographics, this needs to be everywhere, we need to be telling people, talking about it. It needs to be packaged. We need to be talking about it constantly because this is a great success,' Councilman Mike Ray said.
The CPED committee was also informed that all of the council will be asked to amend the city's Community Reinvestment Area program. Among the changes will be 75% tax abatements for housing to be increased from 12 to 15 years, and in some cases, 100% for 15 years — or in the case of mega projects, 100% for 30 years.Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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