A collaboration between the City and County Redevelopment Authority have come up with a plan to bring new hope to businesses throughout Erie County.
This new combined effort will allow for millions of dollars to be used for funding creating a new resource for the business community.
The Erie County Redevelopment Authority announced the creation of the office of capital finance and lending.
“This financing entity with all of its financing coming together in one place in Erie County is something that businesses are going to be grateful for, it is something that I think makes us unique amongst other communities and it’s going to give us the ability to really move this community forward in a very positive way,” said Erie County Executive Kathy Dahlkemper.
Taking over the new role to lead the department is Chris Groner who currently leads the city’s community and economic development department.
Groner said he is looking forward to stepping into this new role as the organization looks to move forward in helping the business community on a larger scale.
“The City’s Enterprise Zone fund will be coupled with the county’s fund and they will still remain separate funds, but I’ll be administering both of those and coordinating those efforts and focusing those funds and I think by tackling those together we’ll be able to bring on larger scale projects that in the past we never had enough resources to do,” said ECRDA Vice President of Capital Lending Chris Groner.
Through this collaborative manner Erie County will exceed $30 million in lending capacity.
“We felt that this was imperative that we take bold action to meet the challenges ahead,” said Erie County Redevelopment Authority CEO Tina Mengine.
“By collaborating with the City of Erie bringing all the programs under one roof we hope to meet those challenges head on by maximizing those opportunities,” she added.
Things that will not be offered to businesses through the new office include project development financing, tax advantage financing and grants.
Groner is expected to step into the new role within the next month.