The City of Erie’s Department of Economic and Community Development is eager to assist businesses with their development and expansion plans. Program details are below.
City of Erie Enterprise Development Zone
The Enterprise Zone Revolving Loan Fund (EZRLF) provides low interest financing to credit worthy businesses that contribute significantly to the areas economy. Land and building acquisition, construction and renovations, machinery and equipment purchases, and other expansion projects that result in the creation or retention of jobs qualify for funding. The program may also be used to finance industrial development projects for manufacturing and industrial enterprises and high tech businesses.
EZRLF funding fills the gap between bank financing and your organization’s equity. The Fund can provide financing up to 50% of the total project cost, or a maximum of $500,000. The interest rate is fixed between 3 and 4% at the time of loan closing. The terms of the loan generally are as follows:
|Used machinery and equipment||5 years|
|New machinery and equipment||7 years|
|Land and building||15 years|
Enterprise Zone and KOZ Map. Click the image or here for larger view.
Keystone Opportunity Zones
The Keystone Opportunity Zone (KOZ) program is one of the nation’s boldest and most innovative economic and community development programs. This unique plan provides for virtual tax-free areas that encourage the reuse of underutilized or abandoned industrial sites. Click here for more details
Local Economic Revitalization Tax Assistance (LERTA)
LERTA is a tax abatement program designed to encourage reinvestment in the City of Erie. The City, school district and County taxing bodies adopted this abatement program which applies to improvements and new constructions that are properly permitted and constructed. Click here for more details.
Pennsylvania Department of Community and Economic Development
Businesses may also be eligible for reduced interest rates on loans through the Pennsylvania Department of Community and Economic Development along with Pennsylvania tax credits and job training programs. Click here for more details
City of Erie Investment Prospectus
Click here to download the Investment Prospectus (PDF)
Pennsylvania Business One-Stop Shop
The Pennsylvania Business One-Stop Shop is the go-to resource for planning, registering, operating, and growing a business in Pennsylvania.
Serving as the first point of contact for Pennsylvania business development concerns, the Pennsylvania Business One-Stop Shop connects and guides businesses through all stages of development — from planning and startup to operating and expanding. Whether seeking information about registering a business, Act 32 and Local Earned Income Tax withholding, Unemployment Compensation (UC) tax, diverse business resources, and more, the Pennsylvania Business One-Stop Shop can help provide answers to business-related questions.
With an easy-to-navigate website and backed by a team of business consultants and subject matter experts, entrepreneurs and small businesses have access to the resources, tools, and experience to help them dream big, plan for the future, and achieve their goals.
To learn more about the Pennsylvania Business One-Stop Shop, visit business.pa.gov.
For more information contact:
Chris Groner, Economic Development Specialist, City of Erie, Room 404, 626 State Street, Erie, PA 16501-1128, Telephone: (814) 870-1272, FAX: (814) 870-1443, E-mail: email@example.com