EDA Grant Will Aid Valley Tech Initiatives

The Mahoning Valley Economic Development Corporation (MVEDC) is the recipient of a $250,000 grant from the U.S. Department of Commerce to support tech development in the Mahoning Valley.

According to the Department of Commerce website, “This EDA [Economic Development Administration] investment funds a collaboration among the Mahoning Valley Economic Development Corporation (MVEDC), Youngstown Business Incubator (YBI), and Tech Belt Energy Innovation Center (TBEIC) to form, capitalize, and manage Valley Growth Ventures, LLC (VGV), a for-profit seed investment fund to support the commercialization of high-growth technology companies primarily within the Mahoning Valley region. VGV will invest in companies located in the Mahoning Valley region, including Mahoning, Trumbull, and Columbiana counties. The fund will be located in Youngstown, Ohio, and will have offices at YBI where it can be in close proximity to many of its eventual portfolio companies, while playing an active role with both TBEIC and MVEDC and integrating within the Mahoning Valley entrepreneurial ecosystem.”

More information about this grant can be found at the U.S. Department of Commerce website.