Mar 24, 2020
Message from the CEO:
Today, we face a challenge to the sustainability of our economic region unlike any previous downturn or recession. With the arrival of Covid-19, many of our businesses turned off lights and closed doors not just for the first time, but without any idea of when they may allow workers – or customers – to enter again.
Without swift and decisive action, such a blow to our community’s revenue flow – our lifeblood, so to speak – could deeply cripple the region indefinitely. As the leader of your Redevelopment Authority, I believe it is our responsibility to counter this threat by making resources available quickly and without burden.
To that end, we have established a $1 Million Dollar Small Business Emergency Loan Fund. This fund, like the challenges we face today, is unprecedented.
The emergency capital these loans provide will serve as a bridge until operations resume or businesses can obtain additional resources from the Commonwealth of Pennsylvania’s PIDA loan program or the federal government’s SBA Disaster Loan Program.
Details of our Emergency Loan Fund include the following:
- Loans up to $50,000
- Small businesses with more than 25 employees
- Zero percent interest for the life of the loan
- 90-day deferral before the first payment is due
- Simplified application and fast-track approval
- Checks within 7 days
- One-time processing and filing fee of $350
To apply or receive further information, please contact us at 814.480.0337, Ext. 8, or visit ECRDA.net
We hope that you, your employees, and families stay safe during these times.
Working together, I believe we will come out of this stronger on the other side.
Best in health,
Tina Mengine and the Erie County Redevelopment team