Erie County provides loans to qualifying businesses damaged in storm

Posted at 12:43 PM, Dec 17, 2014

Many local businesses suffered severe damages from what is being called ‘Winter Storm Knife’ last month. Now Erie County is stepping in offering a loan to help with damages.

This is a joint effort between County Executive Mark Poloncarz and the Erie County Industrial Development Agency. The ECIDA board approved $2 million to help these businesses. The money will come from the ECIDA’s Regional Development Corporation. None of the money will come from taxpayers pockets.

Qualify businesses can receive anywhere from $5,000 to $500,000 for their losses. To qualify the businesses must be in Erie County. The profits from the business must stay in the county and owners must have accurate records of the damages.

“We try so hard to maintain jobs and the economy and a blow like this could disrupt businesses and it's part of our livelihood of the owners. It hurts not only the owners but also employees. We want the companies up and running,” Deputy Erie County Executive Richard Tobe said.

County officials said this money will help businesses fill the financial gap where insurance money lacks. They also said the loan can be used for capital, machinery and equipment. Officials do remind people that this loan is strictly for businesses, not for residential repairs.