Tina Mengine, CEO of Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2021 fourth quarter and year end lending report, which included the following key figures:
|# of loans||56||12|
|Total $ Lent||$12,261,619||$1,880,000|
|Ave Loan Amt||$218,958||$156,667|
“2021 was a record setting year for lending for the ECRDA. Congratulations and credit goes to our Vice President of Capital & Lending, Chris Groner, whose tireless effort and commitment to customer service made this milestone possible”, said Mengine.
Despite being in the second year of a global pandemic that hit local businesses hard, Erie County businesses showed their resilience to push through, grow, expand, and in many cases, start new ventures. ECRDA directly assisted 56 businesses with more than $12 million in loans helping to retain 724 jobs and create 206 new jobs for Erie County residents.
Of those 56 business loans, twelve went to diverse business enterprises, four in the fourth quarter. Several start-up enterprises were also supported this past year, including four in the fourth quarter: Noe Noonan Cosmetology School, Enriques Southeast Mexico Taqueria, Primo Tailoring, and Premier Manufacturing.
“Expanding our portfolio to assist businesses beyond the manufacturing sector has allowed us to make a significant impact on emerging businesses throughout the county, said Groner. In addition to expansion of the industry sector, another key factor for such a successful year was the increased partnerships that were built and the effectiveness of a one-stop shop for businesses. Among those new partnerships was Millcreek Township. The new Millcreek Township Business Development Fund provided critical financing for more than a dozen businesses, ranging from hospitality to manufacturing.
Groner added, “2021 was a busy year. The ECRDA partnership with the City of Erie and other surrounding municipalities was able to provide a streamlined and efficient one-stop shop for public finance. We’re looking forward to expanding those partnerships in the new year and continuing the momentum we are seeing throughout the entire county.”
For more information about the Erie County Redevelopment Authority, 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.