ERIE, PA (March 24, 2020)—The Erie County Redevelopment Authority Board approved a $1,000,000 COVID-19 Emergency Loan Fund to help small businesses with more than 25 employees survive in the face of mounting financial challenges as a result of COVID-19 closures.
The Board approved the creation of the emergency loan package today to help support local businesses facing unprecedented closures as Erie County and Pennsylvania work to curb the spread of the global pandemic. The Board also approved a 90-day deferral period available to existing ECRDA loan recipients.
“I strongly believe that as a public authority it is our duty to assist local businesses in a time like this,” said Tina Mengine, Chief Executive Officer, ECRDA. “Our business community is suffering in ways no one could have predicted and we have a responsibility to help them get through.
“Saving our businesses will help Erie County save jobs and preserve our local economy. The unprecedented nature of our environment meant taking unprecedented action; I commend the leaders on the Board of Directors for their commitment to our community and embracing the need to infuse dollars in businesses at risk.”
The ECRDA COVID-19 Emergency Response includes the following actions:
- 90-day deferral available to existing loans
- $1,000,000 Small Business Emergency Loan Fund
- Loans up to $50,000
- Zero percent interest for the life of the loan
- 1-3 year terms
- 90-day deferral for first payment
Erie County Small Business Emergency Loans can be accessed online at ECRDA.net.