December 12, 2022 (Erie, PA)- The Erie County Redevelopment Authority (ECRDA) announced today that it closed its 100th loan since the creation of its new one-stop shop for public financing. Over the last two years, the ECRDA has closed 100 loans ranging in size from $10,000 to $1,000,000; the 100th loan went to an Erie-based small business owner.
Highlights include:
- 100 loans
- Total Lent: $17,667,776
- Leveraged: $50,158,763
- New Jobs: 304
- Retained Jobs: 1,156
“The nearly $18 million in funding was a key that helped unlock over $50 million in private sector investment in our community”, said Chris Groner, ECRDA Vice President of Capital Finance & Lending. Adding, “the one-stop-shop has been good for the business community and has allowed us to support business growth in ways not previously available.”
The one-stop shop is managed by ECRDA’s Office of Capital Finance & Lending. It’s responsible for administering the following funds: City of Erie Enterprise Fund, Millcreek, Summit & Harborcreek Township Revolving Loan Funds, a Small Business Diversity Fund, the Enterprise Development Fund (CDFI) and its own revolving loan fund.
“I couldn’t be more excited to reach this milestone, and I am especially pleased that the expansion of our loan program has resulted in our ability to help so many more businesses”, said Tina Mengine, CEO of ECRDA, adding, “Just a few years ago the lending program was limited to a few loans per year primarily to manufacturers. Today we serve an array of businesses throughout the county, ensuring our economy is stronger and more diverse than ever before.”
To learn more about the ECRDA’s one-stop-shop visit ecrda.net.