Erie County Redevelopment Authority Loans Help Businesses Emerge from Pandemic
Donatos Pizza owner Christina Vogel is celebrating five years of business by expanding.
A $375,000 loan from the Erie County Redevelopment Authority will allow Vogel to open a third Donatos location in Harborcreek.
"It's just a phenomenal program to kind of help you in the long term,” said Vogel. “The hardest time with any business is when you're first starting, so to have just low debt payments, is critical for the long-term success."
Throughout 2021, the Erie County Redevelopment Authority loaned $8.1 million to 47 business projects.
The lending program has helped create 200 new jobs, while retaining 675 positions.
"What we bring to the table is the ability for these deals to get funded,” said ECRDA Vice President of Capital Finance & Lending Chris Groner. “It brings a little more comfort level to the primary lender, and it just helps get the project over the finish line.”
The funding ranges from $6,000 micro loans, to $1 million to help out with the construction of the new Child Development Center on E. 10th Street.
"It's helped a lot of businesses either get through the shutdown or start to rebuild on the other end of that,” said Groner. “The pandemic has really shown the importance of having flexibility, and I think that’s a key way to describe the funds that we have.”
By opening a third location, Vogel will be able to hire an additional 18 employees.
"It's given some of my employees promotional opportunities and we're going to hire some new staff, some people who have never had a job before,” said Vogel. “I'm really looking forward to it."
At a time of uncertainty, the loan program is helping local businesses grow.
"We're thankful for all the customers that continue to come in, and I'm thankful for all of my employees,” said Vogel. “Hopefully 2022 is better than the last two years."