Today, Tina Mengine, CEO of Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2021 second quarter Lending Report, which included the following key figures: Today, Tina Mengine, CEO of Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2021 second quarter Lending Report, which included the following key figures: 

• $2,130,050 in new loans
• 10 Erie County businesses
• 67 new jobs created and 358 jobs retained
• 2 Diversity Loans
• 1 New Business 

“This quarter’s lending activity represents the strength of our local economy, as well as the confidence businesses have in the future, the first two quarters of 2021 have been active and significant in many ways,” said Mengine.

Among the loans was a $1,000,000 loan to AnDi Properties (Allegheny Beverage/Bonbright Distributors). The loan was part of an $8M project for the construction of a new 85,000 sq. ft. facility in Fairview that will serve as their northeast logistics and distribution hub. According to Brock Anderson, Principal of AnDi Properties, “We  could not be more appreciative of our support from the ECRDA. This is AnDi Properties first business venture and it would not have been possible without the loan from the ECRDA. From our first conversation to our official groundbreaking, the ECRDA was always responsive, accommodating, and proactive. The entire team gave us the confidence to breakthrough any barrier. We hope we have the opportunity to work with the ECRDA again in the future.“

One of two Diversity Micro-Loans went to Lake Erie Woodworks for $13,800 to help purchase new equipment to expand its fledgling enterprise. “By creating this opportunity to access funding, they are taking deliberate steps towards opening opportunities to historically marginalized and oppressed communities, and I’m so proud to be working with them. The application was simple and streamlined, and the entire process was very easy to navigate, and I was kept informed the whole way,” commented owner Armondo Reyes.

Chris Groner, VP of Capital Finance & Lending at ECRDA commented, “The structure and depth of our loan portfolio has significantly expanded in the last year.  We now have the tools to help businesses of virtually all types and sizes throughout the county. We’re able to provide critical capital that allows these businesses to grow, become more efficient, nimble and create jobs. Total lending for 2021 is nearly $5.5 million ($5,475,451). At this pace we are on track for a record year, which says a lot about our program and our region, especially coming off a pandemic.”