Home > About BNE > Press Room > 2011 Archive > August > COLLINS AWARDS MORE TO ERIE COUNTY’S MICROENTERPRISE LOAN FUND

FOR RELEASE: Immediately, Tuesday, August 23rd, 2011

COLLINS AWARDS MORE TO ERIE COUNTY’S MICROENTERPRISE LOAN FUND

Erie County Executive Chris Collins today announced that additional Community Development Block Grant (CDBG) funding of $160,000 will be used to add to the Microenterprise Loan Fund that is administered by the Erie County Industrial Development Agency (ECIDA). This adds to the $200,000 of block grant money previously funded, and which has been successfully lent out to five microenterprise businesses in Erie County

The Microenterprise Loan Fund (MLF) is intended to foster economic development within Erie County by providing financing and management support to microenterprise businesses.  A microenterprise is a business that has no more than 5 employees, of which, one is the owner. 

“We are always looking for new ways to help create jobs and grow business in Erie County and my administration has and will continues to work hard to help small businesses flourish,” said Collins.

The MLF can assist by providing loans ranging from $5,000 to $35,000 with a current interest rate of 2%.  MLF loan proceeds will be used primarily for fixed asset investments (including façade improvements), and/or permanent working capital. In order to qualify an individual must earn less than $36,600, or a family of four less than $52,250.

“We are committed to moving Erie County forward and the MLF will increase our ability to help maximize the opportunities for job creation and retention,” added Collins. Applicants are encouraged to call the Erie County Industrial Development Agency at 716-856-6525 for the details.