The Erie County Redevelopment Authority (ECRDA) and Harborcreek Township are partnering to provide funding for businesses with a revolving loan fund.
The purpose of the fund is to provide critical gap financing for businesses that are looking to expand while the ECRDA invests in the community and create jobs.
Their efforts stem from seeing the importance of funding to have access to low-cost flexible capital.
The new addition will provide more capacity to help Harborcreek businesses.
The COVID-19 pandemic pause played a significant role in the ECRDA to maximize their efforts to help businesses.
“It’s only magnified the importance of having access to capital. That’s always been a challenge but the pandemic really made it an even bigger issue and bigger challenge. As we pull out of that downturn and you’re seeing businesses now stepping forward and wanting to make that investment, you’ve got to have the capital for that,” said Chris Groner, VP of Capital Finance and Lending, Erie County Redevelopment Authority.
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The ECRDA looks to continue their fund efforts and help bring in more businesses.