Erie Chamber Blog
Thursday March 26,  2020

The Erie Regional Chamber continues to mobilize resources for our local business community. Below is a list of COVID-19 Emergency Funds designed to help small businesses address current capital challenges as a result of the Coronavirus outbreak.  We will continue to add resources as they come online. 

Please also refer to our COVID-19 Business Resource page for additional resources. 

For additional guidance, download our funding assistance checklist. This list will help you organize and prepare to complete an emergency fund loan application.  

Erie Arts and Culture Emergency Financial Assistance Fund 
The Erie Arts and Culture Emergency Financial Assistance Fund is designed to assist creative and cultural professionals – which includes artists of all disciplines – that have experienced a revenue disruption due to COVID-19. The grant details are as follows: 

  • Up to $500 
  • Must be used to assist with basic living expenses such as housing, utilities, and groceries 
  • No matching funds required 

The application is available online at erieartsandculture.org. 

 

Erie County Gaming Revenue Authority (ECGRA) Civic Institution Deferred Income Loan Program – Administered by Bridgeway Capital 

The ECGRA Civic Institution Deferred Income Loan Program exists to assist nonprofits and civic institutions in Erie County that can demonstrate negative financial impact as a result of the COVID-19 pandemic. The loan details are as follows: 

  • Loans available from $5,000 - $50,000 
  • 60-month installment loan
  • 3% interest after grace period 
  • Flexible repayment terms are available including 3 months no interest/no payment, followed by 12 months of interest only 
  • Loan funds can be used for working capital, real estate acquisition and renovation, and bridge funding gaps 

The application is available online at bridgewaycapital.org

 

Erie County Gaming Revenue Authority (ECGRA) Immediate Human Relief Fund 

The ECGRA Immediate Human Relief Fund is designed to support 501(c)3 nonprofit organizations that serve vulnerable populations including food pantries, homeless shelters, youth/child centers, and elderly care centers. Grants are available with no match funding required 

The application is available online at www.ecgra.org

 

Erie County Gaming Revenue Authority (ECGRA) Small Business Loan Fund - Administered by Bridgeway Capital 

The ECGRA Small Business Loan Fund is geared toward small businesses with 25 or fewer employees that can demonstrate negative financial impact due to the COVID-19 outbreak. The loan details are as follows: 

  • Loans available from $5,000 - $50,000 
  • 60-month installment loan 
  • 3% interest after grace period 
  • Flexible repayment terms are available including 3 months no interest/no payment, followed by 12 months of interest only 
  • Loan funds can be used for working capital, real estate acquisition and renovation, and bridge funding gaps 

The application is available online at www.bridgewaycapital.org.

 

Erie County Redvelopment Authority Small Business Emergency Loan Fund - Funds no longer available

The Erie County Redevelopment Authority's Small Business Emergency Loan Fund offers loans for small businesses in Erie County from any industry that has been negatively impacted by the COVID-19 pandemic. The loan details are as follows:

  • Loans available up to $50,000
  • Zero percent interest - no payments for 90 days
  • Loans can be used for working capital, payroll, and bridge funding gaps

 

PA COVID-19 Working Capital Access (CWCA) Program - Funds no longer available

The PA COVID-19 Working Capital Access Program is for businesses in the Commonwealth of Pennsylvania with 100 or fewer full-time employees with immediate working capital needs as a result of the COVID-19 pandemic. The program details are as follows: 

  • Loans available up to $100,000 
  • Loan terms are three years 
  • Zero percent interest, no payments or interest in the first year 
  • No application fees 
  • Loans available for working capital 
  • Accounts receivable lines of credit available  

For additional information, read this loan fact sheet. The local contact and administrator for this program is the Erie County Redevelopment Authority

 

Paycheck Protection Program - Administered by Preferred SBA Lenders

The Paycheck Protection Loan Program offers federally insured, partially forgivable loans that can be used to cover short-term operating expenses during the COVID-19 pandemic. The loan details are as follows:

  • Maximum loan size is equivalent to 250% of the employer's average monthly payroll costs or $10 million, whichever is less
  • 6 - 12 months deferred repayment
  • Fee waivers
  • Streamlined application requirements
  • Borrowers are eligible for loan forgiveness equal to the sum spent on covered expenses during an 8-week period after the loan is originated
  • Loans are extended to businesses or nonprofits with 500 or fewer employees that have been adversely affected by COVID-19

For additional information, please visit the Paycheck Protection Program website.

 

SBA Disaster Relief Loan Program 

The SBA Disaster Relief Loan Program is available to small businesses and non-profit organizations in need of economic support to help overcome temporary loss of revenue during the COVID-19 pandemic. The loan details are as follows: 

  • Loans available up to $2 million 
  • Interest rate for small businesses is 3.75% 
  • Interest rate for non-profits is 2.75% 
  • Long repayment terms in order to keep payments affordable, up to 30 years 
  • Loan funds may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be covered due to the COVID-19 pandemic 

The application is available online at www.sba.gov

 

If you haven’t yet, please complete this brief survey so we can best understand your needs and connect you to the appropriate capital resource: COVID-19 Emergency Capital Tool Survey 

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