Staff report

A Mahoning Valley foundation has awarded $270,000 to a pair of organizations supporting opportunity in economically disadvantaged communities.

The Raymond John Wean Foundation’s board of directors announced this week Bridgeway Capital and Valley Economic Development Partners were the recipients. The pair are federally designated Community Development Financial Institutions.

“These organizations play a critical role in the Mahoning Valley’s small business infrastructure and directly advance our priority of creating economic opportunities for residents in Warren and Youngstown neighborhoods,” said Fallon Peterson, senior director of programs and operations at the Wean Foundation.

“We’re grateful to have partners who are aligned with our mission of empowering residents to create a more equitable Mahoning Valley.”

Bridgeway Capital, a regional organization headquartered in Pittsburgh that recently expanded to the Valley, received a one-year grant to support its operations in Warren and Youngstown.

To date, the organization has made $4.3 million of loans to Warren and Youngstown businesses and nonprofits, with an average loan size of more than $500,000.

Bridgeway Capital officials said it is projected this year to lend $2 million in the Valley. It will continue prioritizing support for black-led enterprises. In addition to lending, Bridgeway also provides technical assistance to support business development, focusing on serving small businesses earning less than $100,000.

“Too often, communities face barriers to accessing capital and resources for revitalization,” said Angelo LoCastro, who leads Bridgeway’s Valley office. “I believe in the transformative power of impact-driven lending and am grateful for the Wean Foundation’s partnership in this work.”

Valley Economic Development Partners received a two-year grant to support its Growbiz revolving loan fund, which was launched in 2021 to increase capital available to underserved populations and geographic locations.

Since inception, the loan fund has provided $5.2 million in flexible, low-interest small business loans and assisted in the creation of 173 Valley jobs.

Valley Partners disbursed $14.4 million in loans and $728,000 in grants in 2024. More than 70% of its financial products went to small businesses in underserved geographies; nearly 60% went to women-led small businesses; and 44% to minority-led small businesses.

“We have always been an avenue for flexible lending solutions, but we have expanded over the last few years with a new mission to educate and empower small business owners, especially where economic opportunity is needed most,” said Teresa Miller, executive director of Valley Partners.

Established in 1949, the Wean Foundation is dedicated to community building in the under-resourced communities of Warren and Youngstown.

For more information on the Wean Foundation’s grantmaking opportunities, visit weanfoundation.org/apply-for-grants/.