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Venango County Economic Development Authority Receives $1.5 Million Federal Grant

October 9, 2019
Press Release
Appalachian Regional Commission POWER grant will be used to transform Oil City National Bank Building

BRADFORD, Pa. – Today, U.S. Rep. Glenn “GT” Thompson announced that the Venango County Economic Development Authority (VCEDA) is the recipient of a POWER grant from the Appalachian Regional Commission (ARC). The $1.5 million grant will be used to renovate the now-vacant Oil City National Bank building into a the VCEDA’s new Business Innovation Center. The mixed-use space will house a brew pub, event space, and innovation center designed with future entrepreneurs in mind.

“This grant is a great investment in the future of Oil City and I commend the Venango County Economic Development Authority for their vision,” said Representative Glenn ‘GT’ Thompson. “Not only will this grant benefit current residents, but it has the potential to spur economic growth and future investments from entrepreneurs.”

POWER grants awarded by the Appalachian Regional Commission (ARC) encourage economic growth in coal mining counties in communities along the Region’s coal supply chain.

“We are incredibly thankful to be awarded ARC POWER funds for the build out of the Venango County Business Innovation Center,” said Emily Lewis, Executive Director of the VCEDA. “By investing in the creation of an entrepreneurial ecosystem, we believe we are laying the ground work for a new generation of entrepreneurs who will have the power to transform our regional economy.”

ABOUT THE APPALACHIAN REGIONAL COMMISSION (ARC)
The Appalachian Regional Commission (ARC) is an economic development agency of the federal government and 13 state governments focusing on 420 counties across the Appalachian region. ARC’s mission is to innovate, partner, and invest to build community capacity and strengthen economic growth in Appalachia and help the region achieve socioeconomic parity with the nation.