Expand, Prosper, and Grow!
The City of Erie’s Department of Economic and Community Development is eager to assist businesses with their development and expansion plans. Program details are below.
City of Erie Enterprise Development Zone
The Enterprise Zone Revolving Loan Fund (EZRLF) provides low interest financing to credit worthy businesses that contribute significantly to the areas economy. Land and building acquisition, construction and renovations, machinery and equipment purchases, and other expansion projects that result in the creation or retention of jobs qualify for funding. The program may also be used to finance industrial development projects for manufacturing and industrial enterprises and high tech businesses.
EZRLF funding fills the gap between bank financing and your organization’s equity. The Fund can provide financing up to 50% of the total project cost, or a maximum of $500,000. The interest rate is fixed between 3 and 4% at the time of loan closing. The terms of the loan generally are as follows:
|Used machinery and equipment
|New machinery and equipment
|Land and building
Enterprise Zone and KOZ Map. Click the image or here
for larger view.
Keystone Opportunity Zones
The Keystone Opportunity Zone (KOZ) program is one of the nation’s boldest and most innovative economic and community development programs. This unique plan provides for virtual tax-free areas that encourage the reuse of underutilized or abandoned industrial sites. Click here for more details
Local Economic Revitalization Tax Assistance (LERTA)
LERTA is a tax abatement program designed to encourage reinvestment in the City of Erie. The City, school district and County taxing bodies adopted this abatement program which applies to improvements and new constructions that are properly permitted and constructed. Click here for more details. For projects starting prior to October 31, 2012 Click Here. For a map of the current residential target area please click here.
Pennsylvania Department of Community and Economic Development
Businesses may also be eligible for reduced interest rates on loans through the Pennsylvania Department of Community and Economic Development along with Pennsylvania tax credits and job training programs. Click here for more details
For more information contact:
Chris Groner, Economic Development Specialist, City of Erie, Room 404, 626 State Street, Erie, PA 16501-1128, Telephone: (814) 870-1272, FAX: (814) 870-1443, E-mail: firstname.lastname@example.org
Rediscover the City of Erie and let’s do business together!