| TRAFICANT, James A., Jr., |
WEDNESDAY, JUNE 25, 1998
Washington, D.C. – U. S. Rep. James A. Traficant, Jr. (D–OH) announced today that the Youngstown Business Incubator has been awarded a $498,000 federal grant to renovate and expand the Incubator's facility in Youngstown, Ohio. The grant was awarded by the Economic Development Administration (EDA). "I have been working with EDA for the past several months to secure this funding," said Traficant. "This grant will allow the Incubator to greatly expand the level of services it provides to local businesses."
The Youngstown Business Incubator offers local businesses low-cost space and a wide range of business development services. The Incubator provides services to start-up and early stage companies. The $498,000 will be used by the Incubator to expand its facility at 241 West Federal Street in Youngstown through the renovation of 19,000 square feet. This expansion will allow the Incubator to provide services for up to 18 additional companies, creating more than 200 new jobs over the next five years.
Traficant wrote to the head of EDA, Philip Singerman, in March urging approval of the grant application, which was submitted jointly by the Incubator and the city of Youngstown. Traficant also spoke with Mr. Singerman on several occasions over the past three months urging approval of the grant. Traficant is the ranking Democrat on the House Transportation and Infrastructure Subcommittee on Public Buildings and Economic Development. The panel has jurisdiction over EDA.
"I want to commend the Incubator's director, Jim Cossler, and his fine staff for the excellent work they continue to do to provide the assistance and direction new companies desperately need to succeed and grow," added Traficant.