Pennsylvania Gov. Tom Wolf announced the Department of Community and Economic Development (DCED) would provide new funding for minority-owned businesses in Erie County.
Part of the Pennsylvania Minority Business Development Authority (PMBDA), the funding will support the Enterprise Development Fund of Erie County, Inc. (DFEC) and will help local business growth and job creation. The organization encourages industrial development and job creation through grant programs for low-interest loans to businesses. The EDF provides alternative and gap financing to small businesses in the region and emphasizes lending in designated Community Development Financial Institutions (CDFI) target markets.
“This funding could not come at a more critical time as the state’s economy is opening up and actively recovering from the devastating effects of the COVID-19 pandemic,” Wolf said. “Investing in small, minority-owned businesses is non-negotiable, and a major investment into our communities—and businesses cannot keep their doors open without community strength and support. The EDF’s commitment to advancing the region’s economy is evidenced by a decade of targeted investments to support the growth of local businesses.”
PMBDA awarded the EDF a $250,000 loan from its Revolving Loan Fund Capitalization Program to increase the EDF’s lending portfolio. Funding will be used as capital for lending to minority businesses and to help the EDF support economic growth in the region. The PMBDA funding will be matched with an additional $250,000 from the Erie County Government to the Erie County Redevelopment Authority for its Minority Micro-lending program.