News

1st Quarter Lending Report: A Focus on Small Business

Friday Apr 8th, 2022

Chris Groner, VP of Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2022 first quarter lending report, which included the following key figures:

  2022 1st Quarter
     
# of loans: 7 7
Total $ Lent: $624,600 $624,600
Smallest Loan: $25,000 $25,000
Largest Loan:  $181,600 $181,600
Ave Loan Size: $89,229 $89,229
# of Jobs Created:  30 30
# of Jobs Retained: 58 58

 

“The first quarter of 2022 was squarely focused on assisting small businesses, which is an area of growth for our portfolio”, said Groner.

Of those seven business loans, two went to diverse business enterprises, and four to women-owned businesses. All seven loans were to either start-up businesses or expansion of existing enterprises.

“Expanding our portfolio to assist businesses beyond the manufacturing sector has allowed us to make a significant impact on emerging businesses throughout the county. In addition to expansion of the industrial sector, we added a new partnership, allowing us to expand our capacity and assist businesses in targeted communities once again. This quarter, we added Harborcreek Township as a partner in our business development efforts. The new Harborcreek Township Business Development Fund will provide critical financing opportunities for Harborcreek businesses, just as it did for Donato’s latest location which required our resources to finish the renovation of its site on Buffalo Road,” commented Groner.

For more information about the ECRDA, the Office of Capital Finance & Lending, and other initiatives, please visit ECRDA.net and sign up for our newsletter for all the latest news and opportunities.

 

 

 

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