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Enterprise Zone Revolving Loan Fund

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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 City of Erie Enterprise Zone (EZ), the program can be used to finance industrial development projects for manufacturing and industrial enterprises within the boundaries of the EZ.

EZRLF funding fills a gap between bank financing and your organization’s equity. EZRLF can finance up to 50% of the total project cost with a maximum of $200,000 set. The Fund can provide financing up to 50% of the total project costs or a maximum of $150,000. The interest rate is fixed at 5% 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 10 years

In construction or acquisition projects, a short term of interest only payments can be negotiated before the amortization begins. Generally, the loan is a second lien on business assets. It some cases, the Fund will be in third position when a private lender or state authority require superior position

Contact

Thomas J. McIntire, 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: tmcintire@ci.erie.pa.us

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