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MVEDC Gets $500,000 for Loans to Area Businesses"
LIBERTY TOWNSHIP, Ohio -- The Mahoning Valley Economic Development Corp. is getting a $500,000 grant from the U.S. Department of Agriculture to boost business and create jobs in rural areas."The success of small businesses and community development projects are key ingredients to aid a recovering economy, and I am glad to see these funds head to northeast Ohio to help do just that," U.S. Sen. George Voinovich (R-Ohio) said in announcing the grant. The funds, which came as a loan from U.S. Department of Agriculture's Rural Development Intermediary Relending Program to MVEDC, will be re-loaned to local businesses and community projects in the area.The USDA awards loans to intermediaries who in turn re-lend funds locally to support small businesses or community development projects. Loans from the intermediaries to the recipients must be used to establish new businesses, expand existing businesses, create employment opportunities, save jobs, or complete community development projects."