12/17/14: Erie County IDA Creates Disaster Relief Fund

Modified: January 23, 2015 3:31pm

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Date: 
12/17/14

Businesses Suffering Damage from Winter Storm Knife may be Eligible for Loans up to $500,000

ERIE COUNTY, NY— Erie County Executive Mark C. Poloncarz and Erie County Industrial Development Agency (“ECIDA”) President & CEO Steve Weathers have announced the creation of a Disaster Relief Loan Fund intended to aid businesses that suffered damage in Winter Storm Knife. Qualifying businesses may be eligible for loans ranging from $5,000 - $500,000 to help mitigate losses from the November snowstorm.

"My office has collaborated with the ECIDA to create a program that will help businesses repair damages caused by Winter Storm Knife," said County Executive Poloncarz. "Small businesses are the backbone of our economy and so many have suffered some kind of losses or damage that insurance may not fully cover. The goal of this program is to make them whole again.”

"Part of our mission at the ECIDA is helping existing Erie County businesses prosper and grow," added Weathers. "Our RDC loan division came up with a plan to hopefully fill some of the financial gaps that might be created by shortfalls in insurance coverage or other factors."

The ECIDA's Regional Development Corporation (“RDC”) Loan Division Board approved the $2 million loan fund on Wednesday. The funding will come from the RDC's existing loan fund, not taxpayer dollars, and may be used by businesses for: working capital, machinery and equipment; real property financing as a result of loss or economic injury; construction or improvement of real property; or bridge payment of proceeds from insurance claims or other State or Federal Disaster funds or loans.

Residences are not eligible for relief funding through this program. To qualify for the ECIDA's application process, a business must be located in Erie County, must be a for-profit business, must be able to physically document economic or physical injury due to Winter Storm Knife, and any assets purchased with loan proceeds must be located in Erie County.

To begin the application process, visit the ECIDA website or call (716) 856-6525 for more information.