YOUNGSTOWN, Ohio (WKBN) – A $3 million grant from the state of Ohio means big changes ahead for the Youngstown Business Incubator. For the first time ever, YBI will be able to make large investments in local companies.
The money can be used on any companies in the state of Ohio.
“This is a first for us for sure, and I really believe it is catalytic for the Mahoning Valley,” said Bard Ewing, COO Youngstown Business Incubator. “We are only able to put in somewhere between 5,000 and 25,000, but we don’t have the budget to do that for all our portfolio companies, so this would allow us to make much more significant investments.”
Ewing said the focus will stay on drawing companies in to Youngstown. She said once business owners see the services offered in Youngstown, they will want to relocate here.
“It’s really to their advantage to be located here and to have full access to all the services we provide,” Ewing said.
The venture fund should be up and running in about three months.