Disaster Relief Loan Fund
Businesses in Erie County who suffered losses may be eligible for loans from $5,000 to $500,000. To begin the application process, click here.
County Executive Mark Poloncarz, along with Erie County Industrial Development Agency President & CEO Steve Weathers, have created a Disaster Relief Loan Fund to aid Erie County businesses that suffered damages from November's "Winter Storm Knife."
"My office has collaborated with the ECIDA to create a program that will help businesses repair damages caused by Winter Storm Knife," said County Executive Poloncarz. "Small businesses are the backbone of our economy and so many have suffered some kind of losses or damage that insurance may not fully cover. The goal of this program is to make them whole again," Poloncarz said.
The ECIDA's Regional Development Corporation (RDC) loan division Board is expected to approve the $2 million loan fund at the RDC's Wednesday morning Board of Directors meeting. The money would come from the RDC's existing loan fund, not taxpayer dollars.
Qualifying businesses may be eligible for loans from $5,000 to $500,000 to mitigate losses caused by the November 2014 Storm.
"Part of our mission at the ECIDA is helping existing Erie County businesses prosper and grow," said ECIDA President & CEO Steve Weathers. "Our RDC loan division came up with a plan to hopefully fill some of the financial gaps that might be created by shortfalls in insurance coverage or other factors."
The funds may be used for:
Working capital, machinery and equipment
Real property financing as a result of loss or economic injury
Construction or improvement of real property
Bridge payment of proceeds from insurance claims or other State or Federal Disaster funds or loans
To qualify for the ECIDA's application process, a business (residential does not qualify) must be located in Erie County, must be a for-profit business, must be able to physically document economic or physical injury due to Winter Storm Knife, and any assets purchased with loan proceeds must be located in Erie County.