The Erie County Redevelopment Authority Board approved an increase of $375,000 to the COVID-19 Emergency Loan Fund, created to help small businesses survive COVID-19 closures.
“The rapid onslaught of requests showed the remarkable stress facing local businesses as they worked to avoid permanent closure," said Tine Mengine, Chief Executive Officer, ECRDA. “With the support of the Board, we have been able to provide businesses from retail and food service to manufacturing and service providers with more than one-million-dollars in emergency capital."
The emergency loan fund, created in March, has helped support 28 local businesses that employ more than 3,000 employees across Erie County. To date, the fund has injected $1.2 million into the local economy, and helped businesses enduring unprecedented closures due to COVID-19 global pandemic.
“ECRDA funding is helping PSNERGY get through this challenging time and we will be stronger when these pandemic issues are behind us, thanks to the professionalism and speed with which our emergency loan was processed," said Carl Nicolia, President, PSNERGY, LLC. “Through their responsiveness, flexibility, and simple process, PSNERGY was able to keep our employees on staff and continue to support our customers in essential steel and aluminum industries".
"This loan was a needed bridge that helped keep our 200+, now virtual workforce, employed," said Thomas Laird, CEO, Expivia Interaction Marketing Group, Inc. “It has allowed us to forego any potential furlough that may have happened with all the uncertainty presently felt by all businesses, and made a huge impact when we needed it most."
The ECRDA COVID-19 Emergency Response included the following:
- 90-day deferral available to existing loans
- $1,375,000 Small Business Emergency Loan Fund
- Loans up to $50,000
- Zero percent Interest for the life of the loan
- 1-3 year terms
Erie County Emergency Loans can be accessed online at https://ecrda.net/ECRFloans.php