The Erie County Redevelopment Authority recently announced the 2021 Second Quarter Lending Report, which showed that more than $2 million was lent to local businesses in the second quarter of the year.
Other key figures announced by the ECRDA include:
- $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.Tina Mengine, CEO
According to a news release, one such loan was for $1,000,000 to AnDi Properties (Allegheny Beverage/Bonbright Distributors). The loan was part of an $8,000,000 project for the construction for new 85,000 sq. ft. facility in Fairview that will serve as their northeast logistics and distribution hub.
One of two Diversity Micro-Loans went to Lake Erie Woodworks for $13,800 to help purchase new equipment to expand this fledgling enterprise. Owner Armando Reyes says by creating this opportunity to access funding, they are taking deliberate steps towards opening opportunities to historically marginalized, and oppressed communities.
The application was simple and streamlined, and the entire process was very easy to navigate, and I was kept informed the whole way.Armando Reyes
Chris Groner, Vice President of Capital Finance and Lending at ECRDA, says that the structure and depth of the 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. The 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.Chris Groner, Vice President of Capital Finance and Lending
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