Harrisburg, PA (STL.News) Governor Tom Wolf announced the approval of new funding for the Enterprise Development Fund of Erie County, Inc., (EDF) through the Department of Community and Economic Development’s (DCED) Pennsylvania Minority Business Development Authority (PMBDA) that will help support local business growth and job creation. The organization encourages industrial development and job creation in the region through grant procurement used to make low interest loans to businesses. The EDF provides alternative and gap financing to small businesses in the region, with special emphasis on 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,” said Gov. Wolf. “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.”
The EDF was awarded a $250,000 loan from the PMBDA Revolving Loan Fund Capitalization Program (RLFCP) to increase its lending portfolio. The funding will be used as capital for lending to minority businesses and to help the EDF support its overall community and economic development strategy in the region. The PMBDA-RLFCP funding will be matched with an additional $250,000 provided by Erie County Government to the Erie County Redevelopment Authority for its Minority Micro-Lending Program. The total project cost will be $500,000.
The EDF is an economic development organization that provides funding to businesses to help stimulate industrial and commercial development and to alleviate unemployment in the Erie community, established for the purpose of operating exclusively for the promotion of social and general welfare and common good for the of Erie County and parts of adjoining counties. The EDF is an independent 501(c)3 nonprofit organization certified as a Community Financial Development Institution (CDFI) by the U.S. Department of Treasury.
Established in 1974, PMBDA administers low-interest loan financing to businesses owned and operated by ethnic minorities, to stimulate job creation and entrepreneurial development. Governor Wolf has prioritized the empowerment of minority-owned small businesses through Executive Order 2015-11, “Diversity, Inclusion and Small Business Opportunities in Commonwealth Procurement and in Pennsylvania’s Economy.”