News & Updates

Erie County Redevelopment Authority Lends Over $1.6 Million During Second Quarter

Posted on June 29th, 2022 at 1:30 PM
Erie County Redevelopment Authority Lends Over $1.6 Million During Second Quarter

Today, Chris Groner, Vice President of Capital Finance & Lending at Erie County Redevelopment Authority (ECRDA), announced the ECRDA’s 2022 second quarter lending report, which included the following key figures:

 

2nd Quarter

Year to Date

     

# of loans made:

11

18

Total $ Lent:

$1,674,636

$2,299,236

Smallest Loan:

$20,000.00

$20,000.00

Largest Loan:

$377,750

$377,750

Ave Loan Size:

$162,240

$127,735

# of jobs created:

14

44

# of jobs retained:

133

191


“The second quarter of 2022 continued the trend toward small business and entrepreneur investment, commented Groner,   These businesses are the foundation of Erie’s future and I’m glad we’ve been able to expand our portfolio to assist companies like PSNeregy with much needed growth capital.”

Among the loans in the second quarter was a $300,000 loan to PSNeregy, a fast-growing industrial technology startup located in the City of Erie.  According to founder and CEO Carl Nicola, “Since January we have hired 10 additional staff, 4 of whom are engineers. We now have 19 highly skilled tech employees who are working with some of the most dyanmic companies in the world.   This loan has provided us the funds to prepare our facilities to integrate the new talent quickly and help us fund our growth.” 

The largest loan this quarter went to Performance Castings for $377,750 as part of a nearly $1million  investment in their building ($980,852).   According to CEO Steve Konzel, “We’ve been in need of some upgrades and addressing our facility, but it wasn’t until the City and the Redevelopment Authority took action at the former Quin-T site did we feel comfortable investing in our property.”

The $1.6 million in small business loans was leveraged against the total investment by these companies of $4,571,920.  “By offering gap financing and partnering with the private sector the economic impact of our funding is multiplied many times over.  Cycling more than $4.5 million into the Erie economy in the second quarter alone”, added Groner.

For more information about the Erie County Redevelopment Authority, the Office of Capital Finance & Lending, and other initiatives, please visit the ECRDA website (www.ecrda.net) and sign up for our newsletter for all the latest news and opportunities.