Congressman Tim Ryan Announces $1.2 Million to BRITE Energy Innovators and MAGNET to Support Manufacturing and Entrepreneurship in Ohio
Grants are expected to create 700 jobs, retain 650 jobs, and generate $110 million in private investment
UPDATE: JumpStart, Inc. the Youngstown Business Incubator, and Team NEO are subreicipents to the MAGNET award. The project focus is to promote new advanced manufacturing technologies and create paths to commercialization.
Warren, Ohio – Congressman Tim Ryan (OH-13) today announced that the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $1.2 million in CARES Act Recovery Assistance grants to help Ohio prevent, prepare for, and respond to coronavirus. This funding is expected to create a combined 700 jobs, retain 650 jobs, and generate $110 million in private investment.
Cleveland’s Manufacturing Advocacy and Growth Network (MAGNET) will receive $624,316 and is expected to create 100 jobs, retain 500 jobs, and generate $10 million in private investment. Warren’s BRITE Energy Innovators will receive $571,355 and is expected to create 200 jobs, retain 150 jobs, and generate $100 million in private investment.
“It’s organizations like BRITE that are leading the effort to foster startups driving innovation in energy tech and MAGNET which assists and promotes Northeast Ohio’s manufacturing growth that help fuel Voltage Valley and advanced manufacturing for lasting economic impact. I’m immensely proud of the work they’ve done, and look forward to the benefit they will continue to provide to our local community and economy,” said Congressman Tim Ryan. “The more than 200 additional jobs BRITE will create and the more than 100 jobs MAGNET will create in Northeast Ohio are a perfect example of the return on investment we get when we invest in economies of the future. As we look to overcome the economic hardships created by COVID-19, these awards will be critical to the success and prosperity of our communities.”
The EDA investments announced today are:
Manufacturing Advocacy and Growth Network (MAGNET), Cleveland, Ohio, will receive a $624,316 EDA CARES Act Recovery Assistance grant to provide small- to medium-sized manufacturers with the technical assistance they need to overcome the impact of the coronavirus pandemic. The project, to be matched with $156,079 in local funds, is expected to create 100 jobs, retain 500 jobs and generate $10 million in private investment.
BRITE Energy Innovators, Warren, Ohio, will receive a $571,355 EDA CARES Act Recovery Assistance grant to expand its programs and services to support entrepreneurs and technology start-ups in Northeast Ohio. The project, to be matched with $155,699 in local funds, is expected to create 200 jobs, retain 150 jobs and generate $100 million in private investment.
“The Biden Administration is pleased to support local efforts to jumpstart manufacturing and entrepreneurship in Ohio,” said Secretary of Commerce Gina Raimondo. “These EDA investments will deliver critical support to businesses seeking to build back better and stronger in a post-COVID economy.”
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will create jobs by providing resources for the manufacturing sector in the Cleveland area and expanding support for entrepreneurs in Northeast Ohio.”
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.