Finance Programs

Erie County Enterprise Zone (ECEZ)

Low interest loan financing for land and building acquisition, construction and renovation, machinery and equipment purchase and refurbishing, resulting in the creation or retention of jobs. Offered through the County of Erie Enterprise Zone Loan Program, the program can be used to finance industrial development projects for manufacturing , industrial enterprises , and technology forms within the boundaries of the Erie County Enterprise Zone (industrial zoned areas in the County’s townships, boroughs, and villages).

ECEZ funding fills a gap between conventional financing and your organization’s equity. ECEZ can finance up to 30% of the total project cost to a maximum of $500,000. The interest rate is fixed at 2.5 % at the time of loan closing. A fee of 1% ($600 minimum) of the loan amount (to cover loan origination and legal fees) is charged on closing. The terms of the loan generally are as follows:

Used machinery and equipment up to 5 years
New machinery and equipment up to 7 years
Land and building up to 15 years
The loan will take 1st or 2nd lien on specific assets and will typically require business and personal guarantees.
Erie County Revolving Loan Fund (ECRLF)

Low interest loan financing for land and building acquisition, construction and renovation, machinery and equipment purchase and refurbishing, resulting in the creation or retention of jobs. Offered through the County of Erie, the program can be used to finance industrial development projects for manufacturing , industrial enterprises , and certain service/commercial within the boundaries of the Erie County.

ECRLF funding fills a gap between conventional financing and your organization’s equity. ECRLF can finance up to 50% of the total project cost to a maximum of $1,000,000.  The interest rate is fixed at 2.5 % at the time of loan closing.  Non-Manufacturing loan rate is 4.25%. A fee of 1% ($600 minimum) of the loan amount (to cover loan origination and legal fees) is charged on closing. The terms of the loan generally are as follows:

Used machinery and equipment up to 5 years
New machinery and equipment up to 7 years
Land and building up to 15 years
The loan will take 1st or 2nd lien on specific assets and will typically require business and personal guarantees.

Enterprise Zone Assistance

Enterprise Zone Assistance is designed to help revive economically distressed areas within Erie County, allowing the community to benefit from a general improvement in quality of life.

Funded by the Pennsylvania Department of Community and Economic Development, Enterprise Zone Assistance is assigned through two programs: Enterprise Zone Loans and the Enterprise Tax Credit Program.

Enterprise Zone Loans

This program provides funding for creating or expanding businesses within the Enterprise Zone of Erie County. Priority is provided to businesses that create quality employment opportunities that pay significantly above minimum wage and provide benefits. Emphasis is also placed on companies whose market ranges from regional to international.

Locations of Eligibility
Enterprise Zones are located within Erie County.

Maximum Assistance and Terms

Enterprise Zone funding cannot exceed 30% of the total project cost.
Terms range from one to seven years and interest rates are fixed at the time of approval.
Interest rate is fixed at 4.00%, and payments are expected quarterly unless otherwise arranged.
Enterprise Zone Tax Credit Program
This program provides tax credit for creating or expanding businesses within an Enterprise Zone of Erie County.

Locations of Eligibility

Enterprise Zones are located within Erie County.

Maximum Assistance and Terms

This program can provide corporations paying taxes to Pennsylvania with up to 20% ($250,000 maximum) of the cost of their investment in the physical rehabilitation, construction, or expansion of a facility in the Enterprise Zone.
A business must apply for the tax credits prior to undertaking the activity.
The application must be reviewed and recommended by Erie County prior to being submitted to the Pennsylvania Department of Community and Economic Development.
Final records must be audited.
Tax credits may be carried forward for five years.