Erie County microenterprise loan/grant program aids small businesses

Written by on April 7, 2021

Wed, Apr seventh 2021 07:05 pm

Most help accessible to small enterprise homeowners is $35,000; funding accessible to companies with 5 staff or fewer

April is Nationwide County Authorities Month, spotlighting how county authorities helps residents

The Erie County Division of Atmosphere and Planning, along with the Erie County Enterprise Process Drive, continues to spice up small enterprise in Erie County with the microenterprise mortgage/grant program, offering microenterprises with 5 staff or fewer as much as $35,000 in a mortgage/grant to construct their enterprise.

The Erie County Neighborhood Growth Consortium, comprised of 34 native municipalities of assorted sizes, obtained $4,326,655 in Neighborhood Growth Block Grant funds in 2020 from the federal CARES Act for use partly to help small companies via this program.

“The microenterprise mortgage/grant program is one other manner that we’re working to assist small companies in Erie County, giving them a small quantity of Neighborhood Growth Block Grant funding that can be utilized for something the enterprise wants, together with working capital, start-up funds or tools. On this manner, small enterprise start-ups can acquire a foothold within the native market and begin to develop,” Erie County Government Mark Poloncarz mentioned. “Small companies have been hit arduous by the coronavirus pandemic and Erie County, the ECIDA and the enterprise process pressure are teaming up and providing help the place attainable. April is Nationwide County Authorities Month and this program is a superb instance of how county authorities serves residents.”

The microenterprise mortgage/grant program, previously a full 2% mortgage program for small companies, is now a 50/50 mortgage vs. grant program that may be for as little as $5,000 or as much as $35,000 with the mortgage administration portion dealt with by the ECIDA. Over $1.2 million in Neighborhood Growth Block Grant funding via the federal CARES Act is on the market to small companies via this fund. Mortgage/grant recipients have a six-month grace interval earlier than starting compensation.

Companies eligible for this funding embrace the cities of Lackawanna and Tonawanda; the cities of Alden, Aurora, Boston, Brant, Clarence, Colden, Collins, Harmony, Eden, Elma, Evans, Grand Island, Holland, Lancaster, Marilla, Newstead, North Collins, Orchard Park, Sardinia, Wales; West Seneca; and the villages of Akron, Angola, Depew, East Aurora, Farnham, Gowanda, Lancaster, North Collins, Orchard Park and Springville. These municipalities are positioned inside the Erie County CDBG consortium.

The consortium is comprised of 34 municipalities that obtain HUD funding via CDBG, HOME and ESG grants to help low-income residents. Grant allocations are awarded to Erie County as a result of the inhabitants of the 34 municipalities within the consortium is over 200,000.

Funding for these group growth grants is straight distributed by HUD to municipalities in Erie County with a inhabitants of greater than 50,000. In Erie County, the cities of Amherst, Tonawanda, Cheektowaga and Hamburg, and the Metropolis of Buffalo, obtain these group growth grants straight from HUD.

Erie County is one in all greater than 3,000 counties nationwide becoming a member of the Nationwide Affiliation of Counties all month lengthy to highlight and have a good time the function county governments play within the lives of residents. This 12 months’s theme, “Counties Matter,” gives a possibility to teach residents on applications, tasks and companies, particularly as they relate to the pandemic.

For extra data on the microenterprise mortgage/grant program, click on here.

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