State Rep. Jena Powell | The Ohio House of Representatives
State Rep. Jena Powell | The Ohio House of Representatives
State Representative Lauren McNally of Youngstown has announced that the Youngstown Business Incubator (YBI) will receive $1,795,000 in funding for its Rising Tides Initiative. The funds come from the Ohio Department of Development’s Appalachian Regional Commission (ARC).
"This project serves an important role in developing and bettering our community economically, and the efforts made by YBI have not gone unnoticed," said Rep. McNally. "Programming like this will ensure our businesses can diversify and expand while remaining competitive in new market opportunities."
The Rising Tides Initiative aims to help manufacturers in Ashtabula, Belmont, Columbiana, Jefferson, Mahoning, Monroe, and Trumbull counties enter industries such as microchip production, advanced energy, defense, and aerospace. The initiative plans to offer technology education, pilot programs, federal research support, and other targeted initiatives to improve competitiveness. It also supports emerging companies incubated at two regional technology centers: the Youngstown Business Incubator and BRITE Innovation Center.
The project is expected to enhance 90 businesses and 180 workers or trainees. It aims to create two new businesses and 20 jobs while leveraging $9,050,000 in private investment.
The ARC funding supports workforce and economic development in areas affected by coal industry declines. It is part of the federal Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) Initiative designed to address job losses related to coal in Appalachia. YBI's funding is part of a total of $8.2 million allocated for eight projects across Ohio.
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