ECRDA 4th Quarter Lending Exceeds Expectations 2023 Breaks Record
Today, Tina Mengine, CEO of Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2023 4TH quarter lending at $3,837,160, placing the 2023 total year at $13,999,599. “This represents a record high for us, topping 2022 which was also a record high at $12,216,619, said Mengine, President & CEO of ECRDA.
| 4th Quarter 2023 | YTD | |
|---|---|---|
| # of loans made: | 15 | 59 |
| Total $ Lent: | $3,837,160 | $13,999,599 |
| Smallest Loan: | $6,000 | $6,000 |
| Largest Loan: | $1,360,660 | $1,500,000 |
| Ave Loan Size: | $255,811 | $237,281 |
| # of jobs created: | 3 | 151 |
| # of jobs retained: | 164 | 908 |
“The 4th quarter came on quite strong with projects large and small, new ventures and expansions, and it speaks to the strength of the Erie economy. Credit to the team and my colleague Ethan Bennett who has worked hard to ensure we are serving all businesses across the county”, said Chris Groner, Vice President of Capital Finance & Lending.
“Loans included a City of Erie Urban Core Loan to Velocity Net to install fiber along the eastside of the city’s underserved area with funds from the American Rescue Plan, two DiverseErie Small Business Loans to two women businesses, a loan from the Millcreek fund and one from the Summit Township fund along with a loan to Union Township among several others. This month was diverse, robust and impactful,” added Groner
“In addition to the nearly fourteen million in traditional business lending, the Erie County General Authority issued two bonds for the expansion and refinancing of Montessori School and Brevelier Village totaling $11,500,000,“ said Tina Mengine, President & CEO of ECRDA. “2023 was a significant year, not just for our organizations but more importantly for our community. Meaningful, noteworthy, and transformative projects were undertaken, and we were happy to be able to assist in some way.”
For more information about the Erie County Redevelopment Authority, Office of Capital Finance & Lending, and other initiatives, please call (814) 480-0337.