Velocity Net project receives financial support from city, county

Local News

ERIE, Pa. — The nearly $8 million project to move the Velocity Network headquarters to the Rothrock Building downtown is given financial life.

Big changes could be coming to the Rothrock Building as Velocity Net secured a $1 million loan from the city of Erie and another $1 million loan from the county.

Joel Dueterman, chief executive officer, confirmed that the company has secured $2 million in loans from both the county and the city to support the nearly $8 million project.

The state is also expected to vote Wednesday on a $2.25 million loan.

The project is expected to generate 65 employees or more as the business grows. Deuterman said he is optimistic the state will support the loan for the project and is overwhelmed with the amount of support the community has given the company with this project.
   
“It has totally reinvigorated my faith and belief in what local government can do, especially when you have like-minded and conscientious people working on your behalf and that’s what we have right now,” Deuterman said. 

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Events Calendar