Erie County Redevelopment Authority (ECRDA) moved forward with strategic economic development efforts today, announcing the creation of the Office of Capital Finance & Lending. The new office is a collaboration between the City of Erie and the Erie County Redevelopment Authority that will serve new and existing businesses in a cohesive and direct manner.
"This bold new approach to economic development creates a true one-stop shop for all project and business financing needs," said Tina Mengine, Chief Executive Officer of ECRDA. ECRDA announced that the new Office of Capital Finance & Lending will offer a comprehensive set of public financing tools for any business need. Combined, the new office will have a $30 million loan portfolio, in addition to access to state and federal funds. The Office will offer:
- Business financing for manufacturing, Industrial, commercial, and service businesses.
- Project development financing
- Tax advantage financing
ECRDA is Erie County's only Certified Economic Development Organization providing additional state tools and opportunities that enhance the Office's ability to assist businesses to grow and expand.
The Office will be led by Chris Groner, an experienced leader in economic development and public financing. In his role as Vice President of Capital Lending, Groner will manage the county's loan funds, the Commonwealth's loan and grant programs and the City of Erie's Enterprise Zone Loan Fund, as well as explore and add new financing opportunities. "I'm very excited about this new collaboration between ECRDA and the City and how it will streamline and bring efficiency to economic development financing for businesses in both the City of Erie and Erie County, said Groner."
"We are thrilled that Chris Groner is joining the ECRDA team to lead this new office and initiative. Chris's experience and knowledge coupled with our already strong team firmly plants ECRDA in a position to lead and accelerate growth," added Mengine.
Chris Groner Bio
Chris Groner brings more than 28 years of real estate and finance experience along with 16 years of community and economic development experience with the City of Erie, most recently serving as Director of the Department of Economic & Community Development. As Director, Chris administered the Enterprise Zone Revolving Loan Fund of $11.75M and the annual CDBG budgets in excess of $4M. In addition to his work with the City of Erie, Groner proudly served his country for 10 years as both an enlisted member and a commissioned officer in the United State Navy Reserve. He is a 2003 graduate of Penn State Erie, the Behrend College where he received a Bachelor of Science in Finance with Distinction. Groner has sat on various Economic Development boards including the Economics Advisory Board at the Black School of Business at Penn State Behrend.