Today, Tina Mengine, CEO of Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2021 first quarter Lending Report, which included the following key figures:
- $3,345,401 in loans
- 19 Erie County businesses
- 74 new jobs and 156 jobs retained
“Erie businesses small and large drive our local economy, providing critical goods and services and jobs for our neighbors. These loans will help to shore up struggling businesses as well spur expansion and growth in others,” said Mengine.
Loans ranged from $6,000 to $1,000,000, the latter of which will fund a childcare center in downtown Erie. Among the loans were:
- $1,000,000 to the Child Development Center for their new early childcare center in downtown Erie. The loan was part of a $3M project for the purchase of land at 121 East 10th Street and construction of a new 14,000 sq. ft. facility that will serve 130 children, from infants to preschoolers. According to CEO Rina Irwin, “the ECRDA loan was critical to our ability to build this new facility. We are passionate about caring for children. We know our work helps children prepare to be successful in school and beyond.” The new facility will employ 30. The CDC currently employs 160 across Erie County and 400 overall.
- 10 Small Business Relief Loans to Millcreek businesses. These zero percent loans were designed to help offset the negative effects of the pandemic on Millcreek Township businesses. “It was important to us as a Board to step up and help our local small businesses in Millcreek. Investing in keeping local businesses viable is essential to building a vibrant and growing community in these trying times, and we appreciate the Erie County Redevelopment Authority partnering with us to make this program possible.” John Morgan, Chair, Millcreek Township Board of Supervisors
“After a difficult and slow 2020 for everyone, the first quarter of 2021 shows promise of a very busy year for our local economy”, added Chris Groner, VP of Capital Finance and Lending at ECRDA.
For more information about the Erie County Redevelopment Authority, the Office of Capital Finance & Lending, along with other initiatives, please visit the ECRDA website @ www.ecrda.net and sign up for our newsletter for all the latest news and opportunities.