Rep. McNally Announces $1,795,000 for YBI's Rising Tides Initiative

COLUMBUS – State Rep. Lauren McNally (D-Youngstown) today announced $1,795,000 in funding for the Youngstown Business Incubator’s (YBI) Rising Tides Initiative 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.”

YBI’s Rising Tides Initiative will position incumbent manufacturers located in Ashtabula, Belmont, Columbiana, Jefferson, Mahoning, Monroe, and Trumbull counties for entry into the microchip, advanced energy, defense, and aerospace industries. The initiative will provide existing manufacturers with comprehensive technology education, impactful pilot/demonstration programs, federal research support and other targeted initiatives to enhance manufacturer competitiveness. It will also support emerging companies that currently incubate in two regional technology incubators: Youngstown Business Incubator – focused on business software and advanced manufacturing technologies – and BRITE Innovation Center, supporting electric vehicle mobility, battery storage, and grid infrastructure. The project is expected to improve 90 businesses and 180 workers/trainees, create 2 new businesses and 20 new jobs, and leverage $9,050,000 in private investment.

The ARC funding is intended to support workforce and economic development in communities impacted by the downturn of the coal industry and is part of the federal Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) Initiative to help address coal-related job loss in the Appalachian region. YBI’s funding is among a total of $8.2M to be directed toward eight projects throughout the state and is the largest investment since the program’s inception.