Mayor Joe Schember to speak at Federal Reserve Bank of Cleveland’s 16th Annual Policy Summit

Erie Mayor Joe Schember will join a panel discussion, on June 23, 2023, at the Federal Reserve Bank of Cleveland’s 16th Annual Policy Summit.

The event, which runs from June 21 – June 23 and will be held at the Hilton Cleveland Downtown, is themed Policy Summit 2023: Communities Thriving in a Changing Economy. The Summit is being hosted by the Federal Reserve Bank of Cleveland in partnership with other Reserve Banks and community partners.

The panel discussion, titled “Officially Thriving: How Three Mayors are Prioritizing Inclusion and Ensuring Access for All” will feature Mayor Schember, Mayor Christina Muryn of Findlay, Ohio, and Mayor Justin M. Bibb of Cleveland. Their hour-long discussion will be moderated by Prabal Chakrabarti, Executive Vice President and Community Affairs Officer, Federal Reserve Bank of Boston, and will focus on the economic policies of regional cities and the impact of those policies, especially on low- to moderate-income individuals as well as underserved communities.

This is an undated official portrait of Erie Mayor Joe Schember. CITY OF ERIE

“I’m honored and excited to be a part of this important discussion,” said Mayor Schember on Wednesday. “Since I came into office in 2018, my team has focused our efforts on exactly these underserved communities that we’ll be talking about on Friday. I look forward to sharing how we have continually directed capital investments toward low- to moderate-income residents. And I know Mayor Muryn and Mayor Bibb will also have great ideas to share. I am interested in learning about other opportunities.”

Several of Erie’s economic development successes that Mayor Schember hopes to detail include:

  • Expanded access to capital for loans and grants by 345%
    • From $6.2 million in 2018 to $21.5 million in 2023
    • Increased flexible, low-cost gap financing and grant opportunities
    • Provided assistance to small- and mid-size business owners and entrepreneurs
    • Leveraged this funding with over $50 million in match and private-sector financing
  • Allocated $20 million of our $76 million in ARP funds to economic development for:
    • Urban core initiatives
    • Industrial blight remediation
    • Small businesses, restaurants, and entertainment venues
    • Community development initiatives
    • Investment in low- to moderate-income Census tracts
    • Small business diversity loans
    • Small business technical assistance
  • Introduced micro-grants for start-ups and small businesses in Erie
  • Passed a City-wide LERTA in 2019 and have seen more than $209 million in private investment in residential and commercial properties

The panel discussion begins at 12:30 p.m. EDT on Friday. An in-person attendance of several hundred is expected, as well as a virtual audience.

The Federal Reserve Bank of Cleveland is part of the Federal Reserve System, the central bank of the United States. Its offices are located in Cleveland, Cincinnati, and Pittsburgh. The Federal Reserve Bank of Cleveland’s service area is comprised of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of Western Virginia.

Erie Mayor Joe Schember will be a part of Policy Summit 2023: Communities Thriving in a Changing Economy on Friday in Cleveland. Policy Summit 2023 is organized by the Federal Reserve Bank of Cleveland and focuses on workforce and economic development, small businesses, and other topics key to economic inclusion. Mayor Schember will join two other mayors for a panel discussion on Friday, June 23.
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