Today, Chris Groner, Vice President of Capital & Lending at Erie County Redevelopment Authority (ECRDA), announced the 2022 third quarter lending report, which included the following key figures:
|
3rd Quarter |
Year to Date |
|
|
# of loans made: |
14 |
32 |
|
Total $ Lent: |
$2,206,771 |
$4,506,007 |
|
Smallest Loan: |
$20,000.00 |
$20,000.00 |
|
Largest Loan: |
$500,000 |
$500,000 |
|
Ave Loan Size: |
$157,627 |
$140,812 |
|
# of jobs created: |
48 |
92 |
|
# of jobs retained: |
186 |
377 |
The ECRDA family invested $2.2M in 14 businesses which leveraged a total investment in county enterprises of $9,255,943. “The third quarter exemplifies the power of leveraging our funds with the private sector, helping to advance business growth at a faster pace than would be possible on our own”, commented Groner.
Groner added, “This quarter we also saw diversification of our loan program, both in business sector as well as geographically,” commented Groner, “this was the plan we set out two years ago and we’re pleased to see this diversification and impact continue.”
Loans went to a variety of sectors, including manufacturing, agriculture, service, hospitality and municipal.
In the manufacturing sector we closed three loans including a $172,500 loan to Corry Fabrication.
“Due to growing demand, Corry Fabrication found it crucial to expand in the form of square footage and employees,” said Joe Futcher, owner and president of Corry Fabrication, LLC, a metal fabrication business. “We purchased a 43,000 square-foot manufacturing building across the street from our main shop, located in downtown Corry. By working with the Erie County RDA, we were able to purchase the building and are now in a position to grow, add workers and meet demand.”
The hospitality sector saw several loans including to Que Abides Pit Stop to establish a new restaurant in Fairview Township and to Oliver’s Beer Garden for expansion of the popular venue.
Nick Scott, Jr. commented, “With the help of the $300,000 loan, we were able to expand and upgrade Oliver’s Beer Garden this summer! This Public/Private partnership is invaluable in the continued development of our award-winning Harbor Place Development.”
Dennis Grow, partner in the new Que Abides restaurant added, “We found the ECRDA to be very helpful in working through the process. They made everything straightforward and easy to navigate.”