Erie real estate developer receives $400,000 loan

Sites Bros Holdings, an Erie real estate developer, recently received a $400,000 loan through Enterprise Development Center of Erie County.

The 15-year loan has an interest rate of 3.5 percent. Funds will be used to purchase a 12,850-square-foot building currently occupied by XPO Logistics Freight. Funding also will allow the company to retain 30 jobs over the next three years.

“I’m excited to see that our efforts to help secure this loan were successful,” Rep. Pat Harkins (D-Erie) said. “Our regional businesses provide the pulse of our economy, and a favorable loan that permits a business to expand stimulates economic activity and promotes job retention. It’s an investment that yields multiple, healthy returns for families, businesses, and the entire community.”

The Enterprise Development Center of Erie County is a small business incubator and aims to stimulate the Erie economy by providing business services, creating jobs and providing manufacturing, warehousing, and office rental space.

The Pennsylvania Industrial Development Authority recently approved a package of loans for businesses in eight counties. Loans are designed to help businesses seeking to expand.

Funds can be used for construction and renovation, land and building purchases, machinery and equipment, industrial park projects, multitenant facility projects and accounts receivable lines of credit.