EAST PALESTINE, OH – Today, U.S. Senator Sherrod Brown (D-OH) returned to East Palestine to announce a new initiative to provide small businesses in East Palestine and Columbiana County access to capital and investment.

Brown joined the U.S. Department of Agriculture and small businesses to announce a $500,000 grant to Valley Partners in Youngstown to operate a small business revolving loan fund that will provide loans to existing and emerging small businesses in East Palestine and Columbiana County at a 1% interest rate. The U.S. Department of Agriculture’s Ohio Rural Development Office awarded the grant through the Rural Business Development Grant program.

“Today’s investment announcement is about making sure business owners have the tools they need to build their operations back and thrive again. It means more jobs, more growth, and more opportunity,” said Brown. “Small businesses are the backbone of our communities. They are a key partner in our efforts to make this community whole.  And I know that they are going to come back even stronger.” 

Brown was joined by Jonathan McCracken, State Director of the Ohio Rural Development Office of the U.S. Department of Agriculture to announce the award. Brown was also joined by Melissa Smith, owner of 1820 Candle Company in East Palestine; and Haedan Panezott, Private Sector Specialist with the Columbiana County Port Authority.

“The Biden Administration and USDA recognize that investing in the small businesses that power East Palestine will play a key role in ensuring a vibrant and resilient local economy in the year ahead,” said McCracken. “Our aim is to provide additional resources to ensure that local businesses can recover, rebuild, and come back stronger than ever. USDA Rural Development is committed to the long-term economic recovery of the community.”

“We are excited to welcome Senator Brown back to East Palestine for an announcement that will benefit businesses like ours,” said Smith. “We are grateful for his continued support of our community and bipartisan pursuits to make rail safety a priority.”

“The Columbiana County Port Authority has been a resource to the businesses in East Palestine since the weeks immediately following the train derailment. Funding assistance for the businesses is critical to allow for recovery. We sincerely thank Senator Brown for his commitment to East Palestine,” said Panezott.

The revolving loan fund will be available to small businesses with less than 50 employees and earning less than $1 million in gross earnings. After the initial $500,000 has been lent, new loans will be made available as funds are paid back to all eligible entities in the County and surrounding counties.

The Rural Business Development Grant  program is a competitive grant that provides funding for rural partners that finance and facilitate development of small and emerging rural businesses, help fund distance learning networks, and help fund employment related adult education programs.

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